{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}/Users/ben/Dropbox/Reserves/Manuscript/ISQ/Revision/_Acceptance/Replication/MainReplicationLog.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res} 8 May 2025, 13:28:37

{com}. do "/var/folders/pr/h4w2r5k51bl349y890ld5xjw0000gn/T//SD67539.000000"
{txt}
{com}. *Main Text Replication file for "Global Finance, Political Business Cycles, and the Politics of Foreign Reserves"
. *Ben Cormier and Patrick Shea
. *Analysis run in Stata 15
. *Data sources cited in text
. 
. *Packages:
. *ssc install estout
. *ssc install ebalance
. *ssc install interflex
. 
. 
. use "data1_final.dta", clear
{txt}
{com}. 
. 
. ***************************************************************************************************************************************************************************
. *Data prep
. tsset country_num year
{res}{txt}{col 8}panel variable:  {res}country_num (unbalanced)
{txt}{col 9}time variable:  {res}{col 25}year, 2000 to 2023
{txt}{col 17}delta:  {res}1 unit
{txt}
{com}. *Set color scheme for plots
. set scheme s1mono
{txt}
{com}. grstyle init
{res}{txt}
{com}. grstyle set plain, nogrid 
{txt}
{com}. 
. *Subset to developing
. keep if oecd_1yes == 0
{txt}(868 observations deleted)

{com}. *Subset to VDem democracy level
. keep if v2x_polyarchy > .42
{txt}(1,516 observations deleted)

{com}. 
. 
. 
. ***************************************************************************************************************************************************************************
. *Table 1
. 
. 
. regress deltaReserves_Imports ElectionPeriod ElectionYear US10YrYields_AnnAvg l.deltaReserves_Imports l.GDPpcap l.GDPgrowth l.ny_gdp_totl_rt_zs l.CurrAcctBal_PerGDP l.ExtDebtStocks_PerGNI l.DebtService_PerGDP l.Inflation_annGDPdeflator l.PegBandManaged_NoUnion l.lvaw_garriga l.Taxes_PerGDP l.BestCRtg l.cyrs l.dyrs l.v2x_polyarchy l.Left i.country_num  c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}       700
                                                {txt}{help j_robustsingular:F(69, 628) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.0991
                                                {txt}Root MSE          =    {res} 1.0779

{txt}{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}       deltaReserves_Imports{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}ElectionPeriod {c |}{col 30}{res}{space 2}-.2126341{col 42}{space 2} .1061117{col 53}{space 1}   -2.00{col 62}{space 3}0.046{col 70}{space 4}-.4210109{col 83}{space 3}-.0042574
{txt}{space 16}ElectionYear {c |}{col 30}{res}{space 2} .1547598{col 42}{space 2} .1304676{col 53}{space 1}    1.19{col 62}{space 3}0.236{col 70}{space 4}-.1014457{col 83}{space 3} .4109653
{txt}{space 9}US10YrYields_AnnAvg {c |}{col 30}{res}{space 2}-.2474223{col 42}{space 2} .0912578{col 53}{space 1}   -2.71{col 62}{space 3}0.007{col 70}{space 4}-.4266296{col 83}{space 3} -.068215
{txt}{space 28} {c |}
{space 7}deltaReserves_Imports {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.1655416{col 42}{space 2} .0567779{col 53}{space 1}   -2.92{col 62}{space 3}0.004{col 70}{space 4}-.2770391{col 83}{space 3}-.0540441
{txt}{space 28} {c |}
{space 21}GDPpcap {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0000945{col 42}{space 2} .0000593{col 53}{space 1}    1.59{col 62}{space 3}0.112{col 70}{space 4} -.000022{col 83}{space 3} .0002109
{txt}{space 28} {c |}
{space 19}GDPgrowth {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0044818{col 42}{space 2} .0178473{col 53}{space 1}    0.25{col 62}{space 3}0.802{col 70}{space 4}-.0305657{col 83}{space 3} .0395294
{txt}{space 28} {c |}
{space 11}ny_gdp_totl_rt_zs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0103379{col 42}{space 2} .0206247{col 53}{space 1}   -0.50{col 62}{space 3}0.616{col 70}{space 4}-.0508397{col 83}{space 3} .0301639
{txt}{space 28} {c |}
{space 10}CurrAcctBal_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0016787{col 42}{space 2} .0079447{col 53}{space 1}    0.21{col 62}{space 3}0.833{col 70}{space 4}-.0139228{col 83}{space 3} .0172801
{txt}{space 28} {c |}
{space 8}ExtDebtStocks_PerGNI {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0009795{col 42}{space 2} .0011893{col 53}{space 1}   -0.82{col 62}{space 3}0.410{col 70}{space 4} -.003315{col 83}{space 3}  .001356
{txt}{space 28} {c |}
{space 10}DebtService_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.9259011{col 42}{space 2} 1.208168{col 53}{space 1}   -0.77{col 62}{space 3}0.444{col 70}{space 4} -3.29844{col 83}{space 3} 1.446638
{txt}{space 28} {c |}
{space 4}Inflation_annGDPdeflator {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}  .010153{col 42}{space 2} .0075839{col 53}{space 1}    1.34{col 62}{space 3}0.181{col 70}{space 4}  -.00474{col 83}{space 3} .0250459
{txt}{space 28} {c |}
{space 6}PegBandManaged_NoUnion {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .1910293{col 42}{space 2} .1651814{col 53}{space 1}    1.16{col 62}{space 3}0.248{col 70}{space 4}-.1333455{col 83}{space 3}  .515404
{txt}{space 28} {c |}
{space 16}lvaw_garriga {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.6281182{col 42}{space 2} .6216141{col 53}{space 1}   -1.01{col 62}{space 3}0.313{col 70}{space 4}-1.848812{col 83}{space 3} .5925757
{txt}{space 28} {c |}
{space 16}Taxes_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} 4.764517{col 42}{space 2} 2.317856{col 53}{space 1}    2.06{col 62}{space 3}0.040{col 70}{space 4} .2128301{col 83}{space 3} 9.316204
{txt}{space 28} {c |}
{space 20}BestCRtg {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0555793{col 42}{space 2} .0297074{col 53}{space 1}    1.87{col 62}{space 3}0.062{col 70}{space 4}-.0027585{col 83}{space 3} .1139171
{txt}{space 28} {c |}
{space 24}cyrs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0132137{col 42}{space 2} .0130808{col 53}{space 1}    1.01{col 62}{space 3}0.313{col 70}{space 4}-.0124738{col 83}{space 3} .0389012
{txt}{space 28} {c |}
{space 24}dyrs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0194636{col 42}{space 2} .0117518{col 53}{space 1}   -1.66{col 62}{space 3}0.098{col 70}{space 4}-.0425411{col 83}{space 3} .0036138
{txt}{space 28} {c |}
{space 15}v2x_polyarchy {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .5136265{col 42}{space 2} .9432678{col 53}{space 1}    0.54{col 62}{space 3}0.586{col 70}{space 4}-1.338714{col 83}{space 3} 2.365967
{txt}{space 28} {c |}
{space 21}LeftGov {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0544304{col 42}{space 2} .1201363{col 53}{space 1}   -0.45{col 62}{space 3}0.651{col 70}{space 4}-.2903479{col 83}{space 3} .1814872
{txt}{space 28} {c |}
{space 17}country_num {c |}
{space 24}ARG  {c |}{col 30}{res}{space 2}-1.257337{col 42}{space 2} .6769249{col 53}{space 1}   -1.86{col 62}{space 3}0.064{col 70}{space 4}-2.586648{col 83}{space 3} .0719732
{txt}{space 24}ARM  {c |}{col 30}{res}{space 2} .0597958{col 42}{space 2}  .300512{col 53}{space 1}    0.20{col 62}{space 3}0.842{col 70}{space 4}-.5303342{col 83}{space 3} .6499258
{txt}{space 24}BGD  {c |}{col 30}{res}{space 2} .0634836{col 42}{space 2} .5006003{col 53}{space 1}    0.13{col 62}{space 3}0.899{col 70}{space 4}-.9195697{col 83}{space 3} 1.046537
{txt}{space 24}BGR  {c |}{col 30}{res}{space 2} .0559439{col 42}{space 2}   .40793{col 53}{space 1}    0.14{col 62}{space 3}0.891{col 70}{space 4}-.7451282{col 83}{space 3} .8570159
{txt}{space 24}BIH  {c |}{col 30}{res}{space 2} .1906801{col 42}{space 2} .3372972{col 53}{space 1}    0.57{col 62}{space 3}0.572{col 70}{space 4}-.4716869{col 83}{space 3}  .853047
{txt}{space 24}BRA  {c |}{col 30}{res}{space 2}-.5871496{col 42}{space 2}  .803078{col 53}{space 1}   -0.73{col 62}{space 3}0.465{col 70}{space 4}-2.164193{col 83}{space 3} .9898937
{txt}{space 24}BWA  {c |}{col 30}{res}{space 2}-.9960276{col 42}{space 2} .7682046{col 53}{space 1}   -1.30{col 62}{space 3}0.195{col 70}{space 4}-2.504588{col 83}{space 3} .5125331
{txt}{space 24}DOM  {c |}{col 30}{res}{space 2}  .143623{col 42}{space 2} .3300824{col 53}{space 1}    0.44{col 62}{space 3}0.664{col 70}{space 4} -.504576{col 83}{space 3} .7918219
{txt}{space 24}ECU  {c |}{col 30}{res}{space 2} .0154508{col 42}{space 2} .3929723{col 53}{space 1}    0.04{col 62}{space 3}0.969{col 70}{space 4}-.7562481{col 83}{space 3} .7871496
{txt}{space 24}GEO  {c |}{col 30}{res}{space 2} .0537773{col 42}{space 2} .2977071{col 53}{space 1}    0.18{col 62}{space 3}0.857{col 70}{space 4}-.5308447{col 83}{space 3} .6383993
{txt}{space 24}GHA  {c |}{col 30}{res}{space 2} .3518976{col 42}{space 2} .5427887{col 53}{space 1}    0.65{col 62}{space 3}0.517{col 70}{space 4}-.7140029{col 83}{space 3} 1.417798
{txt}{space 24}GMB  {c |}{col 30}{res}{space 2} 1.157512{col 42}{space 2} .5907209{col 53}{space 1}    1.96{col 62}{space 3}0.050{col 70}{space 4}-.0025158{col 83}{space 3} 2.317539
{txt}{space 24}GTM  {c |}{col 30}{res}{space 2} .8270458{col 42}{space 2} .3331622{col 53}{space 1}    2.48{col 62}{space 3}0.013{col 70}{space 4} .1727989{col 83}{space 3} 1.481293
{txt}{space 24}HND  {c |}{col 30}{res}{space 2}-.2031384{col 42}{space 2} .2884343{col 53}{space 1}   -0.70{col 62}{space 3}0.482{col 70}{space 4}-.7695508{col 83}{space 3}  .363274
{txt}{space 24}HTI  {c |}{col 30}{res}{space 2} .6751373{col 42}{space 2} .6285358{col 53}{space 1}    1.07{col 62}{space 3}0.283{col 70}{space 4} -.559149{col 83}{space 3} 1.909424
{txt}{space 24}IDN  {c |}{col 30}{res}{space 2} .4822534{col 42}{space 2} .4427337{col 53}{space 1}    1.09{col 62}{space 3}0.276{col 70}{space 4}-.3871644{col 83}{space 3} 1.351671
{txt}{space 24}IND  {c |}{col 30}{res}{space 2} .3862202{col 42}{space 2} .6930137{col 53}{space 1}    0.56{col 62}{space 3}0.578{col 70}{space 4}-.9746845{col 83}{space 3} 1.747125
{txt}{space 24}JAM  {c |}{col 30}{res}{space 2}-.4599126{col 42}{space 2} .5113299{col 53}{space 1}   -0.90{col 62}{space 3}0.369{col 70}{space 4}-1.464036{col 83}{space 3} .5442108
{txt}{space 24}KEN  {c |}{col 30}{res}{space 2} .2783974{col 42}{space 2} .3446418{col 53}{space 1}    0.81{col 62}{space 3}0.420{col 70}{space 4}-.3983924{col 83}{space 3} .9551873
{txt}{space 24}KGZ  {c |}{col 30}{res}{space 2} .0484215{col 42}{space 2} .3663101{col 53}{space 1}    0.13{col 62}{space 3}0.895{col 70}{space 4}-.6709194{col 83}{space 3} .7677625
{txt}{space 24}LBN  {c |}{col 30}{res}{space 2} .5694202{col 42}{space 2} .6136059{col 53}{space 1}    0.93{col 62}{space 3}0.354{col 70}{space 4}-.6355475{col 83}{space 3} 1.774388
{txt}{space 24}LBR  {c |}{col 30}{res}{space 2} .7512512{col 42}{space 2} .6139678{col 53}{space 1}    1.22{col 62}{space 3}0.222{col 70}{space 4}-.4544273{col 83}{space 3}  1.95693
{txt}{space 24}LKA  {c |}{col 30}{res}{space 2}-.0322703{col 42}{space 2} .3979979{col 53}{space 1}   -0.08{col 62}{space 3}0.935{col 70}{space 4} -.813838{col 83}{space 3} .7492975
{txt}{space 24}LSO  {c |}{col 30}{res}{space 2}-.8357249{col 42}{space 2} .7097129{col 53}{space 1}   -1.18{col 62}{space 3}0.239{col 70}{space 4}-2.229423{col 83}{space 3} .5579729
{txt}{space 24}MDA  {c |}{col 30}{res}{space 2} .0209512{col 42}{space 2} .2601794{col 53}{space 1}    0.08{col 62}{space 3}0.936{col 70}{space 4}-.4899757{col 83}{space 3} .5318781
{txt}{space 24}MDG  {c |}{col 30}{res}{space 2} .5014354{col 42}{space 2} .4368968{col 53}{space 1}    1.15{col 62}{space 3}0.252{col 70}{space 4}  -.35652{col 83}{space 3} 1.359391
{txt}{space 24}MNG  {c |}{col 30}{res}{space 2} .0112683{col 42}{space 2} .5028993{col 53}{space 1}    0.02{col 62}{space 3}0.982{col 70}{space 4}-.9762995{col 83}{space 3} .9988361
{txt}{space 24}MOZ  {c |}{col 30}{res}{space 2} .2104557{col 42}{space 2} .6013733{col 53}{space 1}    0.35{col 62}{space 3}0.726{col 70}{space 4}-.9704904{col 83}{space 3} 1.391402
{txt}{space 24}MRT  {c |}{col 30}{res}{space 2} 1.355823{col 42}{space 2} .5928807{col 53}{space 1}    2.29{col 62}{space 3}0.023{col 70}{space 4} .1915544{col 83}{space 3} 2.520092
{txt}{space 24}MUS  {c |}{col 30}{res}{space 2}-.3908586{col 42}{space 2} .5710721{col 53}{space 1}   -0.68{col 62}{space 3}0.494{col 70}{space 4}-1.512301{col 83}{space 3} .7305835
{txt}{space 24}MWI  {c |}{col 30}{res}{space 2} .0888033{col 42}{space 2} .4539942{col 53}{space 1}    0.20{col 62}{space 3}0.845{col 70}{space 4}-.8027272{col 83}{space 3} .9803337
{txt}{space 24}NIC  {c |}{col 30}{res}{space 2}  .538471{col 42}{space 2}  .343138{col 53}{space 1}    1.57{col 62}{space 3}0.117{col 70}{space 4}-.1353659{col 83}{space 3} 1.212308
{txt}{space 24}NPL  {c |}{col 30}{res}{space 2} .0525062{col 42}{space 2} .7731669{col 53}{space 1}    0.07{col 62}{space 3}0.946{col 70}{space 4}-1.465799{col 83}{space 3} 1.570812
{txt}{space 24}PAK  {c |}{col 30}{res}{space 2}-.0592778{col 42}{space 2} .6329522{col 53}{space 1}   -0.09{col 62}{space 3}0.925{col 70}{space 4}-1.302237{col 83}{space 3} 1.183681
{txt}{space 24}PAN  {c |}{col 30}{res}{space 2}-.7773095{col 42}{space 2} .7692514{col 53}{space 1}   -1.01{col 62}{space 3}0.313{col 70}{space 4}-2.287926{col 83}{space 3} .7333068
{txt}{space 24}PER  {c |}{col 30}{res}{space 2} .2507003{col 42}{space 2} .5046874{col 53}{space 1}    0.50{col 62}{space 3}0.620{col 70}{space 4}-.7403789{col 83}{space 3} 1.241779
{txt}{space 24}PHL  {c |}{col 30}{res}{space 2} .5729472{col 42}{space 2} .4177471{col 53}{space 1}    1.37{col 62}{space 3}0.171{col 70}{space 4}-.2474032{col 83}{space 3} 1.393298
{txt}{space 24}PNG  {c |}{col 30}{res}{space 2} .4631921{col 42}{space 2} .5547295{col 53}{space 1}    0.83{col 62}{space 3}0.404{col 70}{space 4}-.6261571{col 83}{space 3} 1.552541
{txt}{space 24}PRY  {c |}{col 30}{res}{space 2} .3833578{col 42}{space 2} .4094917{col 53}{space 1}    0.94{col 62}{space 3}0.350{col 70}{space 4}-.4207809{col 83}{space 3} 1.187496
{txt}{space 24}ROU  {c |}{col 30}{res}{space 2}-.1610998{col 42}{space 2} .4328433{col 53}{space 1}   -0.37{col 62}{space 3}0.710{col 70}{space 4}-1.011095{col 83}{space 3} .6888958
{txt}{space 24}SLE  {c |}{col 30}{res}{space 2} .6795258{col 42}{space 2} .4862789{col 53}{space 1}    1.40{col 62}{space 3}0.163{col 70}{space 4}-.2754037{col 83}{space 3} 1.634455
{txt}{space 24}SLV  {c |}{col 30}{res}{space 2} .2395185{col 42}{space 2} .2942202{col 53}{space 1}    0.81{col 62}{space 3}0.416{col 70}{space 4}-.3382561{col 83}{space 3} .8172931
{txt}{space 24}THA  {c |}{col 30}{res}{space 2}-.5856699{col 42}{space 2} .5526997{col 53}{space 1}   -1.06{col 62}{space 3}0.290{col 70}{space 4}-1.671033{col 83}{space 3} .4996935
{txt}{space 24}TLS  {c |}{col 30}{res}{space 2} 2.409462{col 42}{space 2} 2.002862{col 53}{space 1}    1.20{col 62}{space 3}0.229{col 70}{space 4}-1.523657{col 83}{space 3}  6.34258
{txt}{space 24}TUN  {c |}{col 30}{res}{space 2}-.2892331{col 42}{space 2} .6640511{col 53}{space 1}   -0.44{col 62}{space 3}0.663{col 70}{space 4}-1.593262{col 83}{space 3} 1.014796
{txt}{space 24}TZA  {c |}{col 30}{res}{space 2} .2468289{col 42}{space 2} .4771439{col 53}{space 1}    0.52{col 62}{space 3}0.605{col 70}{space 4}-.6901619{col 83}{space 3}  1.18382
{txt}{space 24}UKR  {c |}{col 30}{res}{space 2}-.2643319{col 42}{space 2} .4479996{col 53}{space 1}   -0.59{col 62}{space 3}0.555{col 70}{space 4}-1.144091{col 83}{space 3} .6154267
{txt}{space 24}ZAF  {c |}{col 30}{res}{space 2}-.3389951{col 42}{space 2} .5927321{col 53}{space 1}   -0.57{col 62}{space 3}0.568{col 70}{space 4}-1.502972{col 83}{space 3} .8249816
{txt}{space 24}ZMB  {c |}{col 30}{res}{space 2} .1510665{col 42}{space 2} .5396591{col 53}{space 1}    0.28{col 62}{space 3}0.780{col 70}{space 4}-.9086883{col 83}{space 3} 1.210821
{txt}{space 28} {c |}
{space 24}year {c |}{col 30}{res}{space 2} .1397678{col 42}{space 2}  .057551{col 53}{space 1}    2.43{col 62}{space 3}0.015{col 70}{space 4} .0267522{col 83}{space 3} .2527835
{txt}{space 9}GlobalReserveLevels {c |}{col 30}{res}{space 2} 2.14e-11{col 42}{space 2} 8.80e-12{col 53}{space 1}    2.44{col 62}{space 3}0.015{col 70}{space 4} 4.17e-12{col 83}{space 3} 3.87e-11
{txt}{space 28} {c |}
c.year#c.GlobalReserveLevels {c |}{col 30}{res}{space 2}-1.08e-14{col 42}{space 2} 4.40e-15{col 53}{space 1}   -2.45{col 62}{space 3}0.015{col 70}{space 4}-1.94e-14{col 83}{space 3}-2.14e-15
{txt}{space 28} {c |}
{space 23}_cons {c |}{col 30}{res}{space 2}-280.0217{col 42}{space 2} 115.1454{col 53}{space 1}   -2.43{col 62}{space 3}0.015{col 70}{space 4}-506.1383{col 83}{space 3}-53.90512
{txt}{hline 29}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. estimates store m1
{txt}
{com}. 
. regress deltaReserves_Imports c.ElectionPeriod##c.US10YrYields_AnnAvg i.country_num, robust

{txt}Linear regression                               Number of obs     = {res}     1,153
                                                {txt}{help j_robustsingular:F(68, 1061) }      =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.0858
                                                {txt}Root MSE          =    {res} 1.3674

{txt}{hline 39}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 40}{c |}{col 52}    Robust
{col 1}                 deltaReserves_Imports{col 40}{c |}      Coef.{col 52}   Std. Err.{col 64}      t{col 72}   P>|t|{col 80}     [95% Con{col 93}f. Interval]
{hline 39}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 24}ElectionPeriod {c |}{col 40}{res}{space 2}  .582065{col 52}{space 2}  .257961{col 63}{space 1}    2.26{col 72}{space 3}0.024{col 80}{space 4} .0758934{col 93}{space 3} 1.088237
{txt}{space 19}US10YrYields_AnnAvg {c |}{col 40}{res}{space 2} .0170751{col 52}{space 2} .0462052{col 63}{space 1}    0.37{col 72}{space 3}0.712{col 80}{space 4}-.0735889{col 93}{space 3} .1077392
{txt}{space 38} {c |}
c.ElectionPeriod#c.US10YrYields_AnnAvg {c |}{col 40}{res}{space 2}-.1697823{col 52}{space 2} .0709518{col 63}{space 1}   -2.39{col 72}{space 3}0.017{col 80}{space 4}-.3090041{col 93}{space 3}-.0305606
{txt}{space 38} {c |}
{space 27}country_num {c |}
{space 34}ALB  {c |}{col 40}{res}{space 2} 1.621819{col 52}{space 2} .2184788{col 63}{space 1}    7.42{col 72}{space 3}0.000{col 80}{space 4} 1.193119{col 93}{space 3} 2.050519
{txt}{space 34}ARG  {c |}{col 40}{res}{space 2} 1.533489{col 52}{space 2} .2915592{col 63}{space 1}    5.26{col 72}{space 3}0.000{col 80}{space 4} .9613912{col 93}{space 3} 2.105587
{txt}{space 34}ARM  {c |}{col 40}{res}{space 2} 1.537104{col 52}{space 2} .3226223{col 63}{space 1}    4.76{col 72}{space 3}0.000{col 80}{space 4} .9040533{col 93}{space 3} 2.170154
{txt}{space 34}ATG  {c |}{col 40}{res}{space 2} .7632799{col 52}{space 2}        .{col 63}{space 1}       .{col 72}{space 3}    .{col 80}{space 4}        .{col 93}{space 3}        .
{txt}{space 34}BGD  {c |}{col 40}{res}{space 2} 1.707014{col 52}{space 2} .1960751{col 63}{space 1}    8.71{col 72}{space 3}0.000{col 80}{space 4} 1.322275{col 93}{space 3} 2.091753
{txt}{space 34}BGR  {c |}{col 40}{res}{space 2} 1.707615{col 52}{space 2} .2650526{col 63}{space 1}    6.44{col 72}{space 3}0.000{col 80}{space 4} 1.187528{col 93}{space 3} 2.227701
{txt}{space 34}BHS  {c |}{col 40}{res}{space 2} 1.251041{col 52}{space 2}        .{col 63}{space 1}       .{col 72}{space 3}    .{col 80}{space 4}        .{col 93}{space 3}        .
{txt}{space 34}BIH  {c |}{col 40}{res}{space 2} 1.842448{col 52}{space 2} .2580173{col 63}{space 1}    7.14{col 72}{space 3}0.000{col 80}{space 4} 1.336166{col 93}{space 3}  2.34873
{txt}{space 34}BLZ  {c |}{col 40}{res}{space 2} 1.220752{col 52}{space 2}        .{col 63}{space 1}       .{col 72}{space 3}    .{col 80}{space 4}        .{col 93}{space 3}        .
{txt}{space 34}BOL  {c |}{col 40}{res}{space 2} 1.410376{col 52}{space 2} .3701902{col 63}{space 1}    3.81{col 72}{space 3}0.000{col 80}{space 4}  .683988{col 93}{space 3} 2.136764
{txt}{space 34}BRA  {c |}{col 40}{res}{space 2} 1.770945{col 52}{space 2} .4876426{col 63}{space 1}    3.63{col 72}{space 3}0.000{col 80}{space 4}  .814092{col 93}{space 3} 2.727799
{txt}{space 34}BRN  {c |}{col 40}{res}{space 2} 1.183894{col 52}{space 2} 6.52e-07{col 63}{space 1} 1.8e+06{col 72}{space 3}0.000{col 80}{space 4} 1.183893{col 93}{space 3} 1.183895
{txt}{space 34}BWA  {c |}{col 40}{res}{space 2} .7936616{col 52}{space 2} .5185352{col 63}{space 1}    1.53{col 72}{space 3}0.126{col 80}{space 4}-.2238094{col 93}{space 3} 1.811133
{txt}{space 34}CPV  {c |}{col 40}{res}{space 2}-.0423814{col 52}{space 2} 6.52e-07{col 63}{space 1}-6.5e+04{col 72}{space 3}0.000{col 80}{space 4}-.0423827{col 93}{space 3}-.0423801
{txt}{space 34}CYP  {c |}{col 40}{res}{space 2} 1.342584{col 52}{space 2}  .230597{col 63}{space 1}    5.82{col 72}{space 3}0.000{col 80}{space 4} .8901058{col 93}{space 3} 1.795062
{txt}{space 34}DMA  {c |}{col 40}{res}{space 2} 1.178691{col 52}{space 2} 6.52e-07{col 63}{space 1} 1.8e+06{col 72}{space 3}0.000{col 80}{space 4} 1.178689{col 93}{space 3} 1.178692
{txt}{space 34}DOM  {c |}{col 40}{res}{space 2} 1.733544{col 52}{space 2}  .140135{col 63}{space 1}   12.37{col 72}{space 3}0.000{col 80}{space 4} 1.458571{col 93}{space 3} 2.008517
{txt}{space 34}ECU  {c |}{col 40}{res}{space 2} 1.542862{col 52}{space 2} .1758095{col 63}{space 1}    8.78{col 72}{space 3}0.000{col 80}{space 4} 1.197888{col 93}{space 3} 1.887836
{txt}{space 34}GEO  {c |}{col 40}{res}{space 2} 1.715301{col 52}{space 2} .1724412{col 63}{space 1}    9.95{col 72}{space 3}0.000{col 80}{space 4} 1.376937{col 93}{space 3} 2.053666
{txt}{space 34}GHA  {c |}{col 40}{res}{space 2} 1.704498{col 52}{space 2}  .169091{col 63}{space 1}   10.08{col 72}{space 3}0.000{col 80}{space 4} 1.372707{col 93}{space 3} 2.036289
{txt}{space 34}GMB  {c |}{col 40}{res}{space 2} 2.438088{col 52}{space 2} .7597755{col 63}{space 1}    3.21{col 72}{space 3}0.001{col 80}{space 4} .9472544{col 93}{space 3} 3.928921
{txt}{space 34}GRD  {c |}{col 40}{res}{space 2} .6787212{col 52}{space 2} 6.52e-07{col 63}{space 1} 1.0e+06{col 72}{space 3}0.000{col 80}{space 4}   .67872{col 93}{space 3} .6787225
{txt}{space 34}GTM  {c |}{col 40}{res}{space 2} 1.784253{col 52}{space 2} .2144746{col 63}{space 1}    8.32{col 72}{space 3}0.000{col 80}{space 4}  1.36341{col 93}{space 3} 2.205095
{txt}{space 34}GUY  {c |}{col 40}{res}{space 2} 1.334441{col 52}{space 2} 6.52e-07{col 63}{space 1} 2.0e+06{col 72}{space 3}0.000{col 80}{space 4}  1.33444{col 93}{space 3} 1.334443
{txt}{space 34}HND  {c |}{col 40}{res}{space 2} 1.517196{col 52}{space 2} .1573973{col 63}{space 1}    9.64{col 72}{space 3}0.000{col 80}{space 4} 1.208351{col 93}{space 3} 1.826041
{txt}{space 34}HRV  {c |}{col 40}{res}{space 2} 1.772735{col 52}{space 2}  .215721{col 63}{space 1}    8.22{col 72}{space 3}0.000{col 80}{space 4} 1.349446{col 93}{space 3} 2.196023
{txt}{space 34}HTI  {c |}{col 40}{res}{space 2} 1.943934{col 52}{space 2} .3613755{col 63}{space 1}    5.38{col 72}{space 3}0.000{col 80}{space 4} 1.234842{col 93}{space 3} 2.653026
{txt}{space 34}IDN  {c |}{col 40}{res}{space 2} 1.570697{col 52}{space 2} .2522529{col 63}{space 1}    6.23{col 72}{space 3}0.000{col 80}{space 4} 1.075726{col 93}{space 3} 2.065668
{txt}{space 34}IND  {c |}{col 40}{res}{space 2} 1.701235{col 52}{space 2} .3895627{col 63}{space 1}    4.37{col 72}{space 3}0.000{col 80}{space 4} .9368345{col 93}{space 3} 2.465636
{txt}{space 34}IRQ  {c |}{col 40}{res}{space 2}  2.41168{col 52}{space 2} 1.235611{col 63}{space 1}    1.95{col 72}{space 3}0.051{col 80}{space 4}-.0128392{col 93}{space 3} 4.836199
{txt}{space 34}JAM  {c |}{col 40}{res}{space 2} 1.780622{col 52}{space 2} .2166075{col 63}{space 1}    8.22{col 72}{space 3}0.000{col 80}{space 4} 1.355595{col 93}{space 3}  2.20565
{txt}{space 34}KEN  {c |}{col 40}{res}{space 2} 1.634454{col 52}{space 2} .1496528{col 63}{space 1}   10.92{col 72}{space 3}0.000{col 80}{space 4} 1.340805{col 93}{space 3} 1.928103
{txt}{space 34}KGZ  {c |}{col 40}{res}{space 2} 1.523802{col 52}{space 2} .1775764{col 63}{space 1}    8.58{col 72}{space 3}0.000{col 80}{space 4} 1.175362{col 93}{space 3} 1.872243
{txt}{space 34}KNA  {c |}{col 40}{res}{space 2}-1.066093{col 52}{space 2} 6.52e-07{col 63}{space 1}-1.6e+06{col 72}{space 3}0.000{col 80}{space 4}-1.066094{col 93}{space 3}-1.066092
{txt}{space 34}LBN  {c |}{col 40}{res}{space 2} 2.342011{col 52}{space 2}  .894696{col 63}{space 1}    2.62{col 72}{space 3}0.009{col 80}{space 4}  .586436{col 93}{space 3} 4.097585
{txt}{space 34}LBR  {c |}{col 40}{res}{space 2} 1.788218{col 52}{space 2} .2193096{col 63}{space 1}    8.15{col 72}{space 3}0.000{col 80}{space 4} 1.357888{col 93}{space 3} 2.218548
{txt}{space 34}LBY  {c |}{col 40}{res}{space 2}-7.192168{col 52}{space 2} .0277417{col 63}{space 1} -259.25{col 72}{space 3}0.000{col 80}{space 4}-7.246602{col 93}{space 3}-7.137733
{txt}{space 34}LCA  {c |}{col 40}{res}{space 2}-.4948335{col 52}{space 2} 6.49e-07{col 63}{space 1}-7.6e+05{col 72}{space 3}0.000{col 80}{space 4}-.4948347{col 93}{space 3}-.4948322
{txt}{space 34}LKA  {c |}{col 40}{res}{space 2} 1.488941{col 52}{space 2} .2055041{col 63}{space 1}    7.25{col 72}{space 3}0.000{col 80}{space 4} 1.085701{col 93}{space 3} 1.892182
{txt}{space 34}LSO  {c |}{col 40}{res}{space 2} 1.642697{col 52}{space 2} .3246807{col 63}{space 1}    5.06{col 72}{space 3}0.000{col 80}{space 4} 1.005607{col 93}{space 3} 2.279786
{txt}{space 34}MAC  {c |}{col 40}{res}{space 2}  2.99814{col 52}{space 2} 6.49e-07{col 63}{space 1} 4.6e+06{col 72}{space 3}0.000{col 80}{space 4} 2.998138{col 93}{space 3} 2.998141
{txt}{space 34}MDA  {c |}{col 40}{res}{space 2} 1.670717{col 52}{space 2} .1596509{col 63}{space 1}   10.46{col 72}{space 3}0.000{col 80}{space 4}  1.35745{col 93}{space 3} 1.983985
{txt}{space 34}MDG  {c |}{col 40}{res}{space 2} 1.771159{col 52}{space 2}  .205897{col 63}{space 1}    8.60{col 72}{space 3}0.000{col 80}{space 4} 1.367148{col 93}{space 3} 2.175171
{txt}{space 34}MDV  {c |}{col 40}{res}{space 2} 1.001869{col 52}{space 2} 6.49e-07{col 63}{space 1} 1.5e+06{col 72}{space 3}0.000{col 80}{space 4} 1.001867{col 93}{space 3}  1.00187
{txt}{space 34}MKD  {c |}{col 40}{res}{space 2} 1.633615{col 52}{space 2} .2136556{col 63}{space 1}    7.65{col 72}{space 3}0.000{col 80}{space 4} 1.214379{col 93}{space 3}  2.05285
{txt}{space 34}MLT  {c |}{col 40}{res}{space 2} 1.647099{col 52}{space 2} 6.49e-07{col 63}{space 1} 2.5e+06{col 72}{space 3}0.000{col 80}{space 4} 1.647097{col 93}{space 3}   1.6471
{txt}{space 34}MMR  {c |}{col 40}{res}{space 2} 1.822267{col 52}{space 2} .0373875{col 63}{space 1}   48.74{col 72}{space 3}0.000{col 80}{space 4} 1.748905{col 93}{space 3} 1.895628
{txt}{space 34}MNE  {c |}{col 40}{res}{space 2} .5992557{col 52}{space 2} 6.49e-07{col 63}{space 1} 9.2e+05{col 72}{space 3}0.000{col 80}{space 4} .5992544{col 93}{space 3}  .599257
{txt}{space 34}MNG  {c |}{col 40}{res}{space 2} 1.629233{col 52}{space 2} .3315665{col 63}{space 1}    4.91{col 72}{space 3}0.000{col 80}{space 4} .9786321{col 93}{space 3} 2.279833
{txt}{space 34}MOZ  {c |}{col 40}{res}{space 2} 1.514089{col 52}{space 2} .2410694{col 63}{space 1}    6.28{col 72}{space 3}0.000{col 80}{space 4} 1.041062{col 93}{space 3} 1.987115
{txt}{space 34}MRT  {c |}{col 40}{res}{space 2}  1.94388{col 52}{space 2} .5863529{col 63}{space 1}    3.32{col 72}{space 3}0.001{col 80}{space 4} .7933374{col 93}{space 3} 3.094423
{txt}{space 34}MUS  {c |}{col 40}{res}{space 2} 1.808741{col 52}{space 2} .2214695{col 63}{space 1}    8.17{col 72}{space 3}0.000{col 80}{space 4} 1.374173{col 93}{space 3} 2.243309
{txt}{space 34}MWI  {c |}{col 40}{res}{space 2} 1.526391{col 52}{space 2} .1291749{col 63}{space 1}   11.82{col 72}{space 3}0.000{col 80}{space 4} 1.272923{col 93}{space 3} 1.779858
{txt}{space 34}MYS  {c |}{col 40}{res}{space 2} 1.393971{col 52}{space 2} .3768708{col 63}{space 1}    3.70{col 72}{space 3}0.000{col 80}{space 4} .6544741{col 93}{space 3} 2.133468
{txt}{space 34}NAM  {c |}{col 40}{res}{space 2} 1.709388{col 52}{space 2} .1668983{col 63}{space 1}   10.24{col 72}{space 3}0.000{col 80}{space 4}   1.3819{col 93}{space 3} 2.036877
{txt}{space 34}NGA  {c |}{col 40}{res}{space 2} 1.213986{col 52}{space 2} .4532079{col 63}{space 1}    2.68{col 72}{space 3}0.008{col 80}{space 4} .3247001{col 93}{space 3} 2.103271
{txt}{space 34}NIC  {c |}{col 40}{res}{space 2} 1.737814{col 52}{space 2} .1744907{col 63}{space 1}    9.96{col 72}{space 3}0.000{col 80}{space 4} 1.395428{col 93}{space 3}   2.0802
{txt}{space 34}NPL  {c |}{col 40}{res}{space 2} 1.418909{col 52}{space 2} .7496087{col 63}{space 1}    1.89{col 72}{space 3}0.059{col 80}{space 4}-.0519746{col 93}{space 3} 2.889793
{txt}{space 34}PAK  {c |}{col 40}{res}{space 2} 1.692175{col 52}{space 2} .4587575{col 63}{space 1}    3.69{col 72}{space 3}0.000{col 80}{space 4} .7919997{col 93}{space 3}  2.59235
{txt}{space 34}PAN  {c |}{col 40}{res}{space 2} 1.653226{col 52}{space 2} .2360717{col 63}{space 1}    7.00{col 72}{space 3}0.000{col 80}{space 4} 1.190005{col 93}{space 3} 2.116446
{txt}{space 34}PER  {c |}{col 40}{res}{space 2} 2.028034{col 52}{space 2} .3612432{col 63}{space 1}    5.61{col 72}{space 3}0.000{col 80}{space 4} 1.319202{col 93}{space 3} 2.736866
{txt}{space 34}PHL  {c |}{col 40}{res}{space 2} 1.699776{col 52}{space 2} .3408429{col 63}{space 1}    4.99{col 72}{space 3}0.000{col 80}{space 4} 1.030973{col 93}{space 3} 2.368579
{txt}{space 34}PNG  {c |}{col 40}{res}{space 2} 1.805643{col 52}{space 2} .2270085{col 63}{space 1}    7.95{col 72}{space 3}0.000{col 80}{space 4} 1.360206{col 93}{space 3}  2.25108
{txt}{space 34}PRY  {c |}{col 40}{res}{space 2} 1.755561{col 52}{space 2} .2321044{col 63}{space 1}    7.56{col 72}{space 3}0.000{col 80}{space 4} 1.300125{col 93}{space 3} 2.210996
{txt}{space 34}PSE  {c |}{col 40}{res}{space 2} 1.625001{col 52}{space 2} .0516163{col 63}{space 1}   31.48{col 72}{space 3}0.000{col 80}{space 4}  1.52372{col 93}{space 3} 1.726283
{txt}{space 34}ROU  {c |}{col 40}{res}{space 2} 1.693697{col 52}{space 2} .2404195{col 63}{space 1}    7.04{col 72}{space 3}0.000{col 80}{space 4} 1.221945{col 93}{space 3} 2.165448
{txt}{space 34}SGP  {c |}{col 40}{res}{space 2} 1.684176{col 52}{space 2} .0988909{col 63}{space 1}   17.03{col 72}{space 3}0.000{col 80}{space 4} 1.490132{col 93}{space 3}  1.87822
{txt}{space 34}SLB  {c |}{col 40}{res}{space 2}-1.403965{col 52}{space 2} 6.50e-07{col 63}{space 1}-2.2e+06{col 72}{space 3}0.000{col 80}{space 4}-1.403966{col 93}{space 3}-1.403963
{txt}{space 34}SLE  {c |}{col 40}{res}{space 2} 1.761921{col 52}{space 2} .2853178{col 63}{space 1}    6.18{col 72}{space 3}0.000{col 80}{space 4}  1.20207{col 93}{space 3} 2.321772
{txt}{space 34}SLV  {c |}{col 40}{res}{space 2} 1.485572{col 52}{space 2} .1475106{col 63}{space 1}   10.07{col 72}{space 3}0.000{col 80}{space 4} 1.196126{col 93}{space 3} 1.775018
{txt}{space 34}SRB  {c |}{col 40}{res}{space 2} 1.451859{col 52}{space 2} .7471317{col 63}{space 1}    1.94{col 72}{space 3}0.052{col 80}{space 4}-.0141649{col 93}{space 3} 2.917882
{txt}{space 34}STP  {c |}{col 40}{res}{space 2}-.1403741{col 52}{space 2} 6.50e-07{col 63}{space 1}-2.2e+05{col 72}{space 3}0.000{col 80}{space 4}-.1403753{col 93}{space 3}-.1403728
{txt}{space 34}SUR  {c |}{col 40}{res}{space 2} 1.785977{col 52}{space 2} 6.50e-07{col 63}{space 1} 2.7e+06{col 72}{space 3}0.000{col 80}{space 4} 1.785976{col 93}{space 3} 1.785979
{txt}{space 34}SYC  {c |}{col 40}{res}{space 2} .4235773{col 52}{space 2} 3.13e-07{col 63}{space 1} 1.4e+06{col 72}{space 3}0.000{col 80}{space 4} .4235767{col 93}{space 3} .4235779
{txt}{space 34}THA  {c |}{col 40}{res}{space 2}  1.55662{col 52}{space 2} .4618601{col 63}{space 1}    3.37{col 72}{space 3}0.001{col 80}{space 4} .6503569{col 93}{space 3} 2.462883
{txt}{space 34}TLS  {c |}{col 40}{res}{space 2} 1.746898{col 52}{space 2} .4935714{col 63}{space 1}    3.54{col 72}{space 3}0.000{col 80}{space 4} .7784108{col 93}{space 3} 2.715385
{txt}{space 34}TON  {c |}{col 40}{res}{space 2} .5346521{col 52}{space 2} 6.50e-07{col 63}{space 1} 8.2e+05{col 72}{space 3}0.000{col 80}{space 4} .5346508{col 93}{space 3} .5346534
{txt}{space 34}TTO  {c |}{col 40}{res}{space 2} 1.750091{col 52}{space 2} .3427968{col 63}{space 1}    5.11{col 72}{space 3}0.000{col 80}{space 4} 1.077455{col 93}{space 3} 2.422728
{txt}{space 34}TUN  {c |}{col 40}{res}{space 2} 1.781184{col 52}{space 2} .3693608{col 63}{space 1}    4.82{col 72}{space 3}0.000{col 80}{space 4} 1.056423{col 93}{space 3} 2.505945
{txt}{space 34}TZA  {c |}{col 40}{res}{space 2} 1.612646{col 52}{space 2} .2951419{col 63}{space 1}    5.46{col 72}{space 3}0.000{col 80}{space 4} 1.033518{col 93}{space 3} 2.191775
{txt}{space 34}UKR  {c |}{col 40}{res}{space 2} 1.577271{col 52}{space 2} .2903902{col 63}{space 1}    5.43{col 72}{space 3}0.000{col 80}{space 4} 1.007467{col 93}{space 3} 2.147075
{txt}{space 34}URY  {c |}{col 40}{res}{space 2} 1.624901{col 52}{space 2} .4488703{col 63}{space 1}    3.62{col 72}{space 3}0.000{col 80}{space 4} .7441271{col 93}{space 3} 2.505676
{txt}{space 34}VCT  {c |}{col 40}{res}{space 2} .4536163{col 52}{space 2} 3.79e-07{col 63}{space 1} 1.2e+06{col 72}{space 3}0.000{col 80}{space 4} .4536155{col 93}{space 3}  .453617
{txt}{space 34}VEN  {c |}{col 40}{res}{space 2} 1.411238{col 52}{space 2} .8659466{col 63}{space 1}    1.63{col 72}{space 3}0.103{col 80}{space 4} -.287924{col 93}{space 3} 3.110401
{txt}{space 34}WSM  {c |}{col 40}{res}{space 2} 1.028722{col 52}{space 2} 3.82e-07{col 63}{space 1} 2.7e+06{col 72}{space 3}0.000{col 80}{space 4} 1.028721{col 93}{space 3} 1.028722
{txt}{space 34}XKX  {c |}{col 40}{res}{space 2} 1.583608{col 52}{space 2} .1758507{col 63}{space 1}    9.01{col 72}{space 3}0.000{col 80}{space 4} 1.238553{col 93}{space 3} 1.928662
{txt}{space 34}ZAF  {c |}{col 40}{res}{space 2} 1.712535{col 52}{space 2} .1597597{col 63}{space 1}   10.72{col 72}{space 3}0.000{col 80}{space 4} 1.399054{col 93}{space 3} 2.026015
{txt}{space 34}ZMB  {c |}{col 40}{res}{space 2} 1.845652{col 52}{space 2}  .316365{col 63}{space 1}    5.83{col 72}{space 3}0.000{col 80}{space 4}  1.22488{col 93}{space 3} 2.466424
{txt}{space 38} {c |}
{space 33}_cons {c |}{col 40}{res}{space 2}-1.681006{col 52}{space 2} .1363315{col 63}{space 1}  -12.33{col 72}{space 3}0.000{col 80}{space 4}-1.948516{col 93}{space 3}-1.413496
{txt}{hline 39}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. estimates store m2
{txt}
{com}. 
. regress deltaReserves_Imports c.ElectionPeriod##c.US10YrYields_AnnAvg ElectionYear l.deltaReserves_Imports i.country_num c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}     1,044
                                                {txt}{help j_robustsingular:F(70, 971) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1159
                                                {txt}Root MSE          =    {res} 1.3172

{txt}{hline 39}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 40}{c |}{col 52}    Robust
{col 1}                 deltaReserves_Imports{col 40}{c |}      Coef.{col 52}   Std. Err.{col 64}      t{col 72}   P>|t|{col 80}     [95% Con{col 93}f. Interval]
{hline 39}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 24}ElectionPeriod {c |}{col 40}{res}{space 2} .7150129{col 52}{space 2} .2817576{col 63}{space 1}    2.54{col 72}{space 3}0.011{col 80}{space 4} .1620889{col 93}{space 3} 1.267937
{txt}{space 19}US10YrYields_AnnAvg {c |}{col 40}{res}{space 2}-.6174906{col 52}{space 2} .0993046{col 63}{space 1}   -6.22{col 72}{space 3}0.000{col 80}{space 4}-.8123669{col 93}{space 3}-.4226143
{txt}{space 38} {c |}
c.ElectionPeriod#c.US10YrYields_AnnAvg {c |}{col 40}{res}{space 2}-.2403515{col 52}{space 2} .0833699{col 63}{space 1}   -2.88{col 72}{space 3}0.004{col 80}{space 4}-.4039575{col 93}{space 3}-.0767456
{txt}{space 38} {c |}
{space 26}ElectionYear {c |}{col 40}{res}{space 2} .0725686{col 52}{space 2} .1313669{col 63}{space 1}    0.55{col 72}{space 3}0.581{col 80}{space 4}-.1852271{col 93}{space 3} .3303643
{txt}{space 38} {c |}
{space 17}deltaReserves_Imports {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.1720095{col 52}{space 2}  .052087{col 63}{space 1}   -3.30{col 72}{space 3}0.001{col 80}{space 4}-.2742255{col 93}{space 3}-.0697934
{txt}{space 38} {c |}
{space 27}country_num {c |}
{space 34}ARG  {c |}{col 40}{res}{space 2}-.0590491{col 52}{space 2} .3429746{col 63}{space 1}   -0.17{col 72}{space 3}0.863{col 80}{space 4} -.732106{col 93}{space 3} .6140077
{txt}{space 34}ARM  {c |}{col 40}{res}{space 2}  .303248{col 52}{space 2} .3560295{col 63}{space 1}    0.85{col 72}{space 3}0.395{col 80}{space 4}-.3954279{col 93}{space 3} 1.001924
{txt}{space 34}BGD  {c |}{col 40}{res}{space 2} .0572327{col 52}{space 2} .2803076{col 63}{space 1}    0.20{col 72}{space 3}0.838{col 80}{space 4}-.4928457{col 93}{space 3} .6073112
{txt}{space 34}BGR  {c |}{col 40}{res}{space 2} .1239279{col 52}{space 2}  .302067{col 63}{space 1}    0.41{col 72}{space 3}0.682{col 80}{space 4}-.4688515{col 93}{space 3} .7167074
{txt}{space 34}BIH  {c |}{col 40}{res}{space 2} .2852126{col 52}{space 2} .3097211{col 63}{space 1}    0.92{col 72}{space 3}0.357{col 80}{space 4}-.3225873{col 93}{space 3} .8930124
{txt}{space 34}BOL  {c |}{col 40}{res}{space 2}-.0983972{col 52}{space 2} .4622975{col 63}{space 1}   -0.21{col 72}{space 3}0.831{col 80}{space 4}-1.005614{col 93}{space 3}   .80882
{txt}{space 34}BRA  {c |}{col 40}{res}{space 2} .2653469{col 52}{space 2} .5021283{col 63}{space 1}    0.53{col 72}{space 3}0.597{col 80}{space 4}-.7200347{col 93}{space 3} 1.250729
{txt}{space 34}BWA  {c |}{col 40}{res}{space 2}-1.031102{col 52}{space 2} .6011879{col 63}{space 1}   -1.72{col 72}{space 3}0.087{col 80}{space 4}-2.210879{col 93}{space 3}  .148675
{txt}{space 34}CYP  {c |}{col 40}{res}{space 2}-.2873695{col 52}{space 2} .3304064{col 63}{space 1}   -0.87{col 72}{space 3}0.385{col 80}{space 4}-.9357623{col 93}{space 3} .3610233
{txt}{space 34}DOM  {c |}{col 40}{res}{space 2} .1373869{col 52}{space 2} .2377474{col 63}{space 1}    0.58{col 72}{space 3}0.563{col 80}{space 4}-.3291711{col 93}{space 3} .6039448
{txt}{space 34}ECU  {c |}{col 40}{res}{space 2} .0081859{col 52}{space 2} .2441576{col 63}{space 1}    0.03{col 72}{space 3}0.973{col 80}{space 4}-.4709515{col 93}{space 3} .4873234
{txt}{space 34}GEO  {c |}{col 40}{res}{space 2} .1519417{col 52}{space 2} .2508024{col 63}{space 1}    0.61{col 72}{space 3}0.545{col 80}{space 4}-.3402354{col 93}{space 3} .6441189
{txt}{space 34}GHA  {c |}{col 40}{res}{space 2} .0686942{col 52}{space 2} .2575188{col 63}{space 1}    0.27{col 72}{space 3}0.790{col 80}{space 4}-.4366634{col 93}{space 3} .5740517
{txt}{space 34}GMB  {c |}{col 40}{res}{space 2} 1.325955{col 52}{space 2} .7900127{col 63}{space 1}    1.68{col 72}{space 3}0.094{col 80}{space 4}-.2243736{col 93}{space 3} 2.876284
{txt}{space 34}GTM  {c |}{col 40}{res}{space 2} .1954318{col 52}{space 2} .2734258{col 63}{space 1}    0.71{col 72}{space 3}0.475{col 80}{space 4}-.3411418{col 93}{space 3} .7320053
{txt}{space 34}HND  {c |}{col 40}{res}{space 2}-.1657443{col 52}{space 2} .2566079{col 63}{space 1}   -0.65{col 72}{space 3}0.518{col 80}{space 4}-.6693141{col 93}{space 3} .3378256
{txt}{space 34}HRV  {c |}{col 40}{res}{space 2} .1615249{col 52}{space 2} .2752603{col 63}{space 1}    0.59{col 72}{space 3}0.557{col 80}{space 4}-.3786488{col 93}{space 3} .7016985
{txt}{space 34}HTI  {c |}{col 40}{res}{space 2} .4208984{col 52}{space 2} .4960012{col 63}{space 1}    0.85{col 72}{space 3}0.396{col 80}{space 4}-.5524594{col 93}{space 3} 1.394256
{txt}{space 34}IDN  {c |}{col 40}{res}{space 2}-.0038229{col 52}{space 2} .3061091{col 63}{space 1}   -0.01{col 72}{space 3}0.990{col 80}{space 4}-.6045344{col 93}{space 3} .5968887
{txt}{space 34}IND  {c |}{col 40}{res}{space 2} .0704518{col 52}{space 2} .4436473{col 63}{space 1}    0.16{col 72}{space 3}0.874{col 80}{space 4}-.8001661{col 93}{space 3} .9410698
{txt}{space 34}IRQ  {c |}{col 40}{res}{space 2}-.1553611{col 52}{space 2} .9858419{col 63}{space 1}   -0.16{col 72}{space 3}0.875{col 80}{space 4}-2.089987{col 93}{space 3} 1.779265
{txt}{space 34}JAM  {c |}{col 40}{res}{space 2} .1761412{col 52}{space 2} .2877411{col 63}{space 1}    0.61{col 72}{space 3}0.541{col 80}{space 4}-.3885248{col 93}{space 3} .7408071
{txt}{space 34}KEN  {c |}{col 40}{res}{space 2} .0626561{col 52}{space 2} .2556877{col 63}{space 1}    0.25{col 72}{space 3}0.806{col 80}{space 4} -.439108{col 93}{space 3} .5644203
{txt}{space 34}KGZ  {c |}{col 40}{res}{space 2} .0541215{col 52}{space 2} .2347037{col 63}{space 1}    0.23{col 72}{space 3}0.818{col 80}{space 4}-.4064634{col 93}{space 3} .5147064
{txt}{space 34}LBN  {c |}{col 40}{res}{space 2} .9276475{col 52}{space 2} .8660178{col 63}{space 1}    1.07{col 72}{space 3}0.284{col 80}{space 4}-.7718346{col 93}{space 3}  2.62713
{txt}{space 34}LBR  {c |}{col 40}{res}{space 2} .2833376{col 52}{space 2} .2761739{col 63}{space 1}    1.03{col 72}{space 3}0.305{col 80}{space 4}-.2586288{col 93}{space 3} .8253041
{txt}{space 34}LKA  {c |}{col 40}{res}{space 2}-.1172424{col 52}{space 2} .2876346{col 63}{space 1}   -0.41{col 72}{space 3}0.684{col 80}{space 4}-.6816994{col 93}{space 3} .4472146
{txt}{space 34}LSO  {c |}{col 40}{res}{space 2}-.0403098{col 52}{space 2} .4182504{col 63}{space 1}   -0.10{col 72}{space 3}0.923{col 80}{space 4}-.8610886{col 93}{space 3} .7804691
{txt}{space 34}MDA  {c |}{col 40}{res}{space 2} .0728419{col 52}{space 2} .2350139{col 63}{space 1}    0.31{col 72}{space 3}0.757{col 80}{space 4}-.3883519{col 93}{space 3} .5340356
{txt}{space 34}MDG  {c |}{col 40}{res}{space 2} .1696434{col 52}{space 2} .2780245{col 63}{space 1}    0.61{col 72}{space 3}0.542{col 80}{space 4}-.3759547{col 93}{space 3} .7152415
{txt}{space 34}MKD  {c |}{col 40}{res}{space 2} .0556866{col 52}{space 2} .2843176{col 63}{space 1}    0.20{col 72}{space 3}0.845{col 80}{space 4}-.5022611{col 93}{space 3} .6136343
{txt}{space 34}MNG  {c |}{col 40}{res}{space 2}-.0171835{col 52}{space 2} .3749997{col 63}{space 1}   -0.05{col 72}{space 3}0.963{col 80}{space 4}-.7530866{col 93}{space 3} .7187196
{txt}{space 34}MOZ  {c |}{col 40}{res}{space 2}-.1112058{col 52}{space 2} .3448766{col 63}{space 1}   -0.32{col 72}{space 3}0.747{col 80}{space 4}-.7879952{col 93}{space 3} .5655836
{txt}{space 34}MRT  {c |}{col 40}{res}{space 2} .6902173{col 52}{space 2} .4269602{col 63}{space 1}    1.62{col 72}{space 3}0.106{col 80}{space 4}-.1476537{col 93}{space 3} 1.528088
{txt}{space 34}MUS  {c |}{col 40}{res}{space 2} .1767684{col 52}{space 2} .2857493{col 63}{space 1}    0.62{col 72}{space 3}0.536{col 80}{space 4} -.383989{col 93}{space 3} .7375257
{txt}{space 34}MWI  {c |}{col 40}{res}{space 2}-.1803094{col 52}{space 2} .2496747{col 63}{space 1}   -0.72{col 72}{space 3}0.470{col 80}{space 4}-.6702736{col 93}{space 3} .3096548
{txt}{space 34}MYS  {c |}{col 40}{res}{space 2} .0858163{col 52}{space 2} .3792179{col 63}{space 1}    0.23{col 72}{space 3}0.821{col 80}{space 4}-.6583648{col 93}{space 3} .8299974
{txt}{space 34}NAM  {c |}{col 40}{res}{space 2} .1294179{col 52}{space 2} .2508137{col 63}{space 1}    0.52{col 72}{space 3}0.606{col 80}{space 4}-.3627815{col 93}{space 3} .6216173
{txt}{space 34}NGA  {c |}{col 40}{res}{space 2}-.3143137{col 52}{space 2} .4431845{col 63}{space 1}   -0.71{col 72}{space 3}0.478{col 80}{space 4}-1.184024{col 93}{space 3} .5553961
{txt}{space 34}NIC  {c |}{col 40}{res}{space 2} .0504662{col 52}{space 2} .2531087{col 63}{space 1}    0.20{col 72}{space 3}0.842{col 80}{space 4}-.4462368{col 93}{space 3} .5471692
{txt}{space 34}NPL  {c |}{col 40}{res}{space 2}-.1691277{col 52}{space 2} .8088316{col 63}{space 1}   -0.21{col 72}{space 3}0.834{col 80}{space 4}-1.756387{col 93}{space 3} 1.418132
{txt}{space 34}PAK  {c |}{col 40}{res}{space 2}-.1648811{col 52}{space 2} .5015822{col 63}{space 1}   -0.33{col 72}{space 3}0.742{col 80}{space 4}-1.149191{col 93}{space 3} .8194289
{txt}{space 34}PAN  {c |}{col 40}{res}{space 2}  .065388{col 52}{space 2} .2875267{col 63}{space 1}    0.23{col 72}{space 3}0.820{col 80}{space 4}-.4988573{col 93}{space 3} .6296333
{txt}{space 34}PER  {c |}{col 40}{res}{space 2} .3730937{col 52}{space 2} .4152424{col 63}{space 1}    0.90{col 72}{space 3}0.369{col 80}{space 4}-.4417821{col 93}{space 3}  1.18797
{txt}{space 34}PHL  {c |}{col 40}{res}{space 2} .1404676{col 52}{space 2} .3916103{col 63}{space 1}    0.36{col 72}{space 3}0.720{col 80}{space 4}-.6280324{col 93}{space 3} .9089675
{txt}{space 34}PNG  {c |}{col 40}{res}{space 2} .1796701{col 52}{space 2} .3112971{col 63}{space 1}    0.58{col 72}{space 3}0.564{col 80}{space 4}-.4312224{col 93}{space 3} .7905626
{txt}{space 34}PRY  {c |}{col 40}{res}{space 2} .2251662{col 52}{space 2} .2782359{col 63}{space 1}    0.81{col 72}{space 3}0.419{col 80}{space 4}-.3208468{col 93}{space 3} .7711791
{txt}{space 34}PSE  {c |}{col 40}{res}{space 2} .0585686{col 52}{space 2} .2204446{col 63}{space 1}    0.27{col 72}{space 3}0.791{col 80}{space 4}-.3740342{col 93}{space 3} .4911713
{txt}{space 34}ROU  {c |}{col 40}{res}{space 2} .0625229{col 52}{space 2} .2924417{col 63}{space 1}    0.21{col 72}{space 3}0.831{col 80}{space 4}-.5113676{col 93}{space 3} .6364134
{txt}{space 34}SGP  {c |}{col 40}{res}{space 2}-.2147173{col 52}{space 2} .3089051{col 63}{space 1}   -0.70{col 72}{space 3}0.487{col 80}{space 4}-.8209157{col 93}{space 3} .3914812
{txt}{space 34}SLE  {c |}{col 40}{res}{space 2} .2359639{col 52}{space 2} .3318664{col 63}{space 1}    0.71{col 72}{space 3}0.477{col 80}{space 4}-.4152941{col 93}{space 3} .8872218
{txt}{space 34}SLV  {c |}{col 40}{res}{space 2}-.1507843{col 52}{space 2} .2364576{col 63}{space 1}   -0.64{col 72}{space 3}0.524{col 80}{space 4} -.614811{col 93}{space 3} .3132424
{txt}{space 34}SRB  {c |}{col 40}{res}{space 2}  .106384{col 52}{space 2} .6688787{col 63}{space 1}    0.16{col 72}{space 3}0.874{col 80}{space 4} -1.20623{col 93}{space 3} 1.418998
{txt}{space 34}THA  {c |}{col 40}{res}{space 2}-.5510874{col 52}{space 2} .2694719{col 63}{space 1}   -2.05{col 72}{space 3}0.041{col 80}{space 4}-1.079902{col 93}{space 3}-.0222731
{txt}{space 34}TLS  {c |}{col 40}{res}{space 2} .0449836{col 52}{space 2} .5211037{col 63}{space 1}    0.09{col 72}{space 3}0.931{col 80}{space 4}-.9776357{col 93}{space 3} 1.067603
{txt}{space 34}TTO  {c |}{col 40}{res}{space 2} .1298741{col 52}{space 2} .4004503{col 63}{space 1}    0.32{col 72}{space 3}0.746{col 80}{space 4}-.6559736{col 93}{space 3} .9157219
{txt}{space 34}TUN  {c |}{col 40}{res}{space 2} .2859143{col 52}{space 2}  .426111{col 63}{space 1}    0.67{col 72}{space 3}0.502{col 80}{space 4}-.5502903{col 93}{space 3} 1.122119
{txt}{space 34}TZA  {c |}{col 40}{res}{space 2}-.1954488{col 52}{space 2} .3464376{col 63}{space 1}   -0.56{col 72}{space 3}0.573{col 80}{space 4}-.8753014{col 93}{space 3} .4844038
{txt}{space 34}UKR  {c |}{col 40}{res}{space 2} -.126285{col 52}{space 2}  .338089{col 63}{space 1}   -0.37{col 72}{space 3}0.709{col 80}{space 4}-.7897543{col 93}{space 3} .5371843
{txt}{space 34}URY  {c |}{col 40}{res}{space 2} .0221406{col 52}{space 2} .4589525{col 63}{space 1}    0.05{col 72}{space 3}0.962{col 80}{space 4}-.8785124{col 93}{space 3} .9227937
{txt}{space 34}VEN  {c |}{col 40}{res}{space 2}-.2937033{col 52}{space 2} .8826519{col 63}{space 1}   -0.33{col 72}{space 3}0.739{col 80}{space 4}-2.025828{col 93}{space 3} 1.438422
{txt}{space 34}XKX  {c |}{col 40}{res}{space 2} .0810798{col 52}{space 2} .2709985{col 63}{space 1}    0.30{col 72}{space 3}0.765{col 80}{space 4}-.4507304{col 93}{space 3}   .61289
{txt}{space 34}ZAF  {c |}{col 40}{res}{space 2} .1325079{col 52}{space 2} .2335743{col 63}{space 1}    0.57{col 72}{space 3}0.571{col 80}{space 4}-.3258607{col 93}{space 3} .5908765
{txt}{space 34}ZMB  {c |}{col 40}{res}{space 2} .1283163{col 52}{space 2} .3606169{col 63}{space 1}    0.36{col 72}{space 3}0.722{col 80}{space 4}-.5793619{col 93}{space 3} .8359945
{txt}{space 38} {c |}
{space 34}year {c |}{col 40}{res}{space 2} .1153178{col 52}{space 2} .0551446{col 63}{space 1}    2.09{col 72}{space 3}0.037{col 80}{space 4} .0071016{col 93}{space 3} .2235341
{txt}{space 19}GlobalReserveLevels {c |}{col 40}{res}{space 2} 2.11e-11{col 52}{space 2} 8.05e-12{col 63}{space 1}    2.62{col 72}{space 3}0.009{col 80}{space 4} 5.30e-12{col 93}{space 3} 3.69e-11
{txt}{space 38} {c |}
{space 10}c.year#c.GlobalReserveLevels {c |}{col 40}{res}{space 2}-1.06e-14{col 52}{space 2} 4.02e-15{col 63}{space 1}   -2.64{col 72}{space 3}0.008{col 80}{space 4}-1.85e-14{col 93}{space 3}-2.74e-15
{txt}{space 38} {c |}
{space 33}_cons {c |}{col 40}{res}{space 2}-227.2438{col 52}{space 2} 110.3436{col 63}{space 1}   -2.06{col 72}{space 3}0.040{col 80}{space 4}-443.7831{col 93}{space 3}-10.70439
{txt}{hline 39}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. estimates store m3
{txt}
{com}. 
. regress deltaReserves_Imports c.ElectionPeriod##c.US10YrYields_AnnAvg ElectionYear l.deltaReserves_Imports l.GDPpcap l.GDPgrowth l.ny_gdp_totl_rt_zs l.CurrAcctBal_PerGDP l.ExtDebtStocks_PerGNI l.DebtService_PerGDP l.Inflation_annGDPdeflator l.PegBandManaged_NoUnion l.lvaw_garriga l.Taxes_PerGDP l.BestCRtg l.cyrs l.dyrs l.v2x_polyarchy l.Left i.country_num c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}       700
                                                {txt}{help j_robustsingular:F(70, 627) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1061
                                                {txt}Root MSE          =    {res} 1.0746

{txt}{hline 39}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 40}{c |}{col 52}    Robust
{col 1}                 deltaReserves_Imports{col 40}{c |}      Coef.{col 52}   Std. Err.{col 64}      t{col 72}   P>|t|{col 80}     [95% Con{col 93}f. Interval]
{hline 39}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 24}ElectionPeriod {c |}{col 40}{res}{space 2} .3794194{col 52}{space 2} .2390909{col 63}{space 1}    1.59{col 72}{space 3}0.113{col 80}{space 4}-.0900965{col 93}{space 3} .8489353
{txt}{space 19}US10YrYields_AnnAvg {c |}{col 40}{res}{space 2} -.192287{col 52}{space 2} .0943552{col 63}{space 1}   -2.04{col 72}{space 3}0.042{col 80}{space 4}-.3775776{col 93}{space 3}-.0069965
{txt}{space 38} {c |}
c.ElectionPeriod#c.US10YrYields_AnnAvg {c |}{col 40}{res}{space 2}-.1835379{col 52}{space 2} .0723319{col 63}{space 1}   -2.54{col 72}{space 3}0.011{col 80}{space 4}  -.32558{col 93}{space 3}-.0414959
{txt}{space 38} {c |}
{space 26}ElectionYear {c |}{col 40}{res}{space 2} .1625519{col 52}{space 2} .1303701{col 63}{space 1}    1.25{col 72}{space 3}0.213{col 80}{space 4} -.093463{col 93}{space 3} .4185667
{txt}{space 38} {c |}
{space 17}deltaReserves_Imports {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.1683853{col 52}{space 2} .0567362{col 63}{space 1}   -2.97{col 72}{space 3}0.003{col 80}{space 4}-.2798013{col 93}{space 3}-.0569693
{txt}{space 38} {c |}
{space 31}GDPpcap {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0000956{col 52}{space 2} .0000587{col 63}{space 1}    1.63{col 72}{space 3}0.104{col 80}{space 4}-.0000197{col 93}{space 3} .0002108
{txt}{space 38} {c |}
{space 29}GDPgrowth {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0057915{col 52}{space 2} .0177405{col 63}{space 1}    0.33{col 72}{space 3}0.744{col 80}{space 4}-.0290465{col 93}{space 3} .0406295
{txt}{space 38} {c |}
{space 21}ny_gdp_totl_rt_zs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0119801{col 52}{space 2} .0205301{col 63}{space 1}   -0.58{col 72}{space 3}0.560{col 80}{space 4}-.0522961{col 93}{space 3}  .028336
{txt}{space 38} {c |}
{space 20}CurrAcctBal_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0022513{col 52}{space 2} .0079043{col 63}{space 1}    0.28{col 72}{space 3}0.776{col 80}{space 4}-.0132708{col 93}{space 3} .0177734
{txt}{space 38} {c |}
{space 18}ExtDebtStocks_PerGNI {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0010426{col 52}{space 2} .0011692{col 63}{space 1}   -0.89{col 72}{space 3}0.373{col 80}{space 4}-.0033387{col 93}{space 3} .0012534
{txt}{space 38} {c |}
{space 20}DebtService_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.9433984{col 52}{space 2} 1.169534{col 63}{space 1}   -0.81{col 72}{space 3}0.420{col 80}{space 4}-3.240076{col 93}{space 3} 1.353279
{txt}{space 38} {c |}
{space 14}Inflation_annGDPdeflator {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0111616{col 52}{space 2} .0075663{col 63}{space 1}    1.48{col 72}{space 3}0.141{col 80}{space 4}-.0036968{col 93}{space 3}   .02602
{txt}{space 38} {c |}
{space 16}PegBandManaged_NoUnion {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .1832435{col 52}{space 2} .1648495{col 63}{space 1}    1.11{col 72}{space 3}0.267{col 80}{space 4}-.1404805{col 93}{space 3} .5069674
{txt}{space 38} {c |}
{space 26}lvaw_garriga {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.4323541{col 52}{space 2} .6031428{col 63}{space 1}   -0.72{col 72}{space 3}0.474{col 80}{space 4}-1.616779{col 93}{space 3} .7520704
{txt}{space 38} {c |}
{space 26}Taxes_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} 4.811156{col 52}{space 2} 2.322376{col 63}{space 1}    2.07{col 72}{space 3}0.039{col 80}{space 4} .2505784{col 93}{space 3} 9.371733
{txt}{space 38} {c |}
{space 30}BestCRtg {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}  .056198{col 52}{space 2} .0301544{col 63}{space 1}    1.86{col 72}{space 3}0.063{col 80}{space 4}-.0030178{col 93}{space 3} .1154139
{txt}{space 38} {c |}
{space 34}cyrs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0134074{col 52}{space 2} .0134228{col 63}{space 1}    1.00{col 72}{space 3}0.318{col 80}{space 4}-.0129516{col 93}{space 3} .0397664
{txt}{space 38} {c |}
{space 34}dyrs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0198848{col 52}{space 2} .0116364{col 63}{space 1}   -1.71{col 72}{space 3}0.088{col 80}{space 4}-.0427358{col 93}{space 3} .0029662
{txt}{space 38} {c |}
{space 25}v2x_polyarchy {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .6132748{col 52}{space 2} .9504854{col 63}{space 1}    0.65{col 72}{space 3}0.519{col 80}{space 4}-1.253245{col 93}{space 3} 2.479795
{txt}{space 38} {c |}
{space 31}LeftGov {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0610857{col 52}{space 2} .1206389{col 63}{space 1}   -0.51{col 72}{space 3}0.613{col 80}{space 4}-.2979908{col 93}{space 3} .1758195
{txt}{space 38} {c |}
{space 27}country_num {c |}
{space 34}ARG  {c |}{col 40}{res}{space 2}-1.294414{col 52}{space 2} .6801944{col 63}{space 1}   -1.90{col 72}{space 3}0.057{col 80}{space 4}-2.630149{col 93}{space 3} .0413207
{txt}{space 34}ARM  {c |}{col 40}{res}{space 2}-.0425544{col 52}{space 2} .3019712{col 63}{space 1}   -0.14{col 72}{space 3}0.888{col 80}{space 4}-.6355518{col 93}{space 3}  .550443
{txt}{space 34}BGD  {c |}{col 40}{res}{space 2} .1974733{col 52}{space 2} .4987269{col 63}{space 1}    0.40{col 72}{space 3}0.692{col 80}{space 4} -.781904{col 93}{space 3} 1.176851
{txt}{space 34}BGR  {c |}{col 40}{res}{space 2} .0312461{col 52}{space 2} .4031292{col 63}{space 1}    0.08{col 72}{space 3}0.938{col 80}{space 4}-.7604007{col 93}{space 3}  .822893
{txt}{space 34}BIH  {c |}{col 40}{res}{space 2} .1422084{col 52}{space 2} .3326583{col 63}{space 1}    0.43{col 72}{space 3}0.669{col 80}{space 4}-.5110509{col 93}{space 3} .7954676
{txt}{space 34}BRA  {c |}{col 40}{res}{space 2}-.4853242{col 52}{space 2} .8060287{col 63}{space 1}   -0.60{col 72}{space 3}0.547{col 80}{space 4}-2.068167{col 93}{space 3} 1.097518
{txt}{space 34}BWA  {c |}{col 40}{res}{space 2}-.9792093{col 52}{space 2} .7652648{col 63}{space 1}   -1.28{col 72}{space 3}0.201{col 80}{space 4}-2.482002{col 93}{space 3} .5235831
{txt}{space 34}DOM  {c |}{col 40}{res}{space 2} .1314657{col 52}{space 2} .3285879{col 63}{space 1}    0.40{col 72}{space 3}0.689{col 80}{space 4}-.5138004{col 93}{space 3} .7767318
{txt}{space 34}ECU  {c |}{col 40}{res}{space 2} .0556457{col 52}{space 2} .3914122{col 63}{space 1}    0.14{col 72}{space 3}0.887{col 80}{space 4}-.7129919{col 93}{space 3} .8242833
{txt}{space 34}GEO  {c |}{col 40}{res}{space 2}  .043162{col 52}{space 2} .2988344{col 63}{space 1}    0.14{col 72}{space 3}0.885{col 80}{space 4}-.5436755{col 93}{space 3} .6299994
{txt}{space 34}GHA  {c |}{col 40}{res}{space 2} .3662163{col 52}{space 2}  .543889{col 63}{space 1}    0.67{col 72}{space 3}0.501{col 80}{space 4}-.7018483{col 93}{space 3} 1.434281
{txt}{space 34}GMB  {c |}{col 40}{res}{space 2} 1.269376{col 52}{space 2}  .599357{col 63}{space 1}    2.12{col 72}{space 3}0.035{col 80}{space 4} .0923865{col 93}{space 3} 2.446367
{txt}{space 34}GTM  {c |}{col 40}{res}{space 2} .8396234{col 52}{space 2} .3319864{col 63}{space 1}    2.53{col 72}{space 3}0.012{col 80}{space 4} .1876837{col 93}{space 3} 1.491563
{txt}{space 34}HND  {c |}{col 40}{res}{space 2}-.1839714{col 52}{space 2} .2974942{col 63}{space 1}   -0.62{col 72}{space 3}0.537{col 80}{space 4} -.768177{col 93}{space 3} .4002343
{txt}{space 34}HTI  {c |}{col 40}{res}{space 2} .7741429{col 52}{space 2} .6201671{col 63}{space 1}    1.25{col 72}{space 3}0.212{col 80}{space 4}-.4437131{col 93}{space 3} 1.991999
{txt}{space 34}IDN  {c |}{col 40}{res}{space 2} .4484658{col 52}{space 2} .4397973{col 63}{space 1}    1.02{col 72}{space 3}0.308{col 80}{space 4}-.4151883{col 93}{space 3}  1.31212
{txt}{space 34}IND  {c |}{col 40}{res}{space 2} .4750586{col 52}{space 2} .6896112{col 63}{space 1}    0.69{col 72}{space 3}0.491{col 80}{space 4}-.8791686{col 93}{space 3} 1.829286
{txt}{space 34}JAM  {c |}{col 40}{res}{space 2}-.3739238{col 52}{space 2} .5104274{col 63}{space 1}   -0.73{col 72}{space 3}0.464{col 80}{space 4}-1.376278{col 93}{space 3} .6284304
{txt}{space 34}KEN  {c |}{col 40}{res}{space 2} .3370033{col 52}{space 2}  .352664{col 63}{space 1}    0.96{col 72}{space 3}0.340{col 80}{space 4}-.3555423{col 93}{space 3} 1.029549
{txt}{space 34}KGZ  {c |}{col 40}{res}{space 2} .1260915{col 52}{space 2} .3624499{col 63}{space 1}    0.35{col 72}{space 3}0.728{col 80}{space 4}-.5856712{col 93}{space 3} .8378542
{txt}{space 34}LBN  {c |}{col 40}{res}{space 2} .6653109{col 52}{space 2} .6021402{col 63}{space 1}    1.10{col 72}{space 3}0.270{col 80}{space 4}-.5171448{col 93}{space 3} 1.847766
{txt}{space 34}LBR  {c |}{col 40}{res}{space 2} .8318603{col 52}{space 2} .6093185{col 63}{space 1}    1.37{col 72}{space 3}0.173{col 80}{space 4}-.3646918{col 93}{space 3} 2.028412
{txt}{space 34}LKA  {c |}{col 40}{res}{space 2}  .001135{col 52}{space 2} .3938389{col 63}{space 1}    0.00{col 72}{space 3}0.998{col 80}{space 4} -.772268{col 93}{space 3}  .774538
{txt}{space 34}LSO  {c |}{col 40}{res}{space 2}-.7858342{col 52}{space 2} .7147753{col 63}{space 1}   -1.10{col 72}{space 3}0.272{col 80}{space 4}-2.189478{col 93}{space 3} .6178092
{txt}{space 34}MDA  {c |}{col 40}{res}{space 2} .0049124{col 52}{space 2} .2567391{col 63}{space 1}    0.02{col 72}{space 3}0.985{col 80}{space 4}-.4992603{col 93}{space 3}  .509085
{txt}{space 34}MDG  {c |}{col 40}{res}{space 2} .5533826{col 52}{space 2} .4418145{col 63}{space 1}    1.25{col 72}{space 3}0.211{col 80}{space 4}-.3142326{col 93}{space 3} 1.420998
{txt}{space 34}MNG  {c |}{col 40}{res}{space 2}  .055646{col 52}{space 2} .5012102{col 63}{space 1}    0.11{col 72}{space 3}0.912{col 80}{space 4}-.9286079{col 93}{space 3}   1.0399
{txt}{space 34}MOZ  {c |}{col 40}{res}{space 2} .3670698{col 52}{space 2} .5933713{col 63}{space 1}    0.62{col 72}{space 3}0.536{col 80}{space 4}-.7981659{col 93}{space 3} 1.532305
{txt}{space 34}MRT  {c |}{col 40}{res}{space 2} 1.510248{col 52}{space 2} .6010296{col 63}{space 1}    2.51{col 72}{space 3}0.012{col 80}{space 4} .3299731{col 93}{space 3} 2.690522
{txt}{space 34}MUS  {c |}{col 40}{res}{space 2}-.3685773{col 52}{space 2} .5658939{col 63}{space 1}   -0.65{col 72}{space 3}0.515{col 80}{space 4}-1.479854{col 93}{space 3} .7426995
{txt}{space 34}MWI  {c |}{col 40}{res}{space 2}  .159606{col 52}{space 2}  .452823{col 63}{space 1}    0.35{col 72}{space 3}0.725{col 80}{space 4}-.7296274{col 93}{space 3} 1.048839
{txt}{space 34}NIC  {c |}{col 40}{res}{space 2}  .570653{col 52}{space 2} .3388786{col 63}{space 1}    1.68{col 72}{space 3}0.093{col 80}{space 4}-.0948215{col 93}{space 3} 1.236128
{txt}{space 34}NPL  {c |}{col 40}{res}{space 2}-.0077277{col 52}{space 2} .7695632{col 63}{space 1}   -0.01{col 72}{space 3}0.992{col 80}{space 4}-1.518961{col 93}{space 3} 1.503506
{txt}{space 34}PAK  {c |}{col 40}{res}{space 2} .0144289{col 52}{space 2} .6543713{col 63}{space 1}    0.02{col 72}{space 3}0.982{col 80}{space 4}-1.270596{col 93}{space 3} 1.299454
{txt}{space 34}PAN  {c |}{col 40}{res}{space 2}-.7065794{col 52}{space 2} .7595913{col 63}{space 1}   -0.93{col 72}{space 3}0.353{col 80}{space 4} -2.19823{col 93}{space 3} .7850715
{txt}{space 34}PER  {c |}{col 40}{res}{space 2} .2330037{col 52}{space 2} .5039389{col 63}{space 1}    0.46{col 72}{space 3}0.644{col 80}{space 4}-.7566087{col 93}{space 3} 1.222616
{txt}{space 34}PHL  {c |}{col 40}{res}{space 2} .5979803{col 52}{space 2} .4172905{col 63}{space 1}    1.43{col 72}{space 3}0.152{col 80}{space 4} -.221476{col 93}{space 3} 1.417437
{txt}{space 34}PNG  {c |}{col 40}{res}{space 2} .5469278{col 52}{space 2} .5542409{col 63}{space 1}    0.99{col 72}{space 3}0.324{col 80}{space 4}-.5414654{col 93}{space 3} 1.635321
{txt}{space 34}PRY  {c |}{col 40}{res}{space 2} .4167326{col 52}{space 2} .4105519{col 63}{space 1}    1.02{col 72}{space 3}0.310{col 80}{space 4}-.3894907{col 93}{space 3} 1.222956
{txt}{space 34}ROU  {c |}{col 40}{res}{space 2}-.1989381{col 52}{space 2}  .430799{col 63}{space 1}   -0.46{col 72}{space 3}0.644{col 80}{space 4}-1.044922{col 93}{space 3} .6470455
{txt}{space 34}SLE  {c |}{col 40}{res}{space 2} .7077446{col 52}{space 2} .4864003{col 63}{space 1}    1.46{col 72}{space 3}0.146{col 80}{space 4}-.2474263{col 93}{space 3} 1.662916
{txt}{space 34}SLV  {c |}{col 40}{res}{space 2} .2334113{col 52}{space 2} .2963537{col 63}{space 1}    0.79{col 72}{space 3}0.431{col 80}{space 4}-.3485547{col 93}{space 3} .8153773
{txt}{space 34}THA  {c |}{col 40}{res}{space 2}-.4556675{col 52}{space 2} .5471779{col 63}{space 1}   -0.83{col 72}{space 3}0.405{col 80}{space 4}-1.530191{col 93}{space 3} .6188557
{txt}{space 34}TLS  {c |}{col 40}{res}{space 2} 2.380668{col 52}{space 2} 2.005239{col 63}{space 1}    1.19{col 72}{space 3}0.236{col 80}{space 4}-1.557129{col 93}{space 3} 6.318466
{txt}{space 34}TUN  {c |}{col 40}{res}{space 2}-.2924956{col 52}{space 2} .6646133{col 63}{space 1}   -0.44{col 72}{space 3}0.660{col 80}{space 4}-1.597633{col 93}{space 3} 1.012642
{txt}{space 34}TZA  {c |}{col 40}{res}{space 2} .2864639{col 52}{space 2} .4720497{col 63}{space 1}    0.61{col 72}{space 3}0.544{col 80}{space 4} -.640526{col 93}{space 3} 1.213454
{txt}{space 34}UKR  {c |}{col 40}{res}{space 2}-.2911673{col 52}{space 2} .4404147{col 63}{space 1}   -0.66{col 72}{space 3}0.509{col 80}{space 4}-1.156034{col 93}{space 3} .5736992
{txt}{space 34}ZAF  {c |}{col 40}{res}{space 2}-.2804164{col 52}{space 2} .5953454{col 63}{space 1}   -0.47{col 72}{space 3}0.638{col 80}{space 4}-1.449529{col 93}{space 3}  .888696
{txt}{space 34}ZMB  {c |}{col 40}{res}{space 2} .2499878{col 52}{space 2} .5391143{col 63}{space 1}    0.46{col 72}{space 3}0.643{col 80}{space 4}-.8087005{col 93}{space 3} 1.308676
{txt}{space 38} {c |}
{space 34}year {c |}{col 40}{res}{space 2} .1478727{col 52}{space 2} .0581677{col 63}{space 1}    2.54{col 72}{space 3}0.011{col 80}{space 4} .0336456{col 93}{space 3} .2620998
{txt}{space 19}GlobalReserveLevels {c |}{col 40}{res}{space 2} 2.29e-11{col 52}{space 2} 8.87e-12{col 63}{space 1}    2.58{col 72}{space 3}0.010{col 80}{space 4} 5.46e-12{col 93}{space 3} 4.03e-11
{txt}{space 38} {c |}
{space 10}c.year#c.GlobalReserveLevels {c |}{col 40}{res}{space 2}-1.15e-14{col 52}{space 2} 4.43e-15{col 63}{space 1}   -2.59{col 72}{space 3}0.010{col 80}{space 4}-2.02e-14{col 93}{space 3}-2.79e-15
{txt}{space 38} {c |}
{space 33}_cons {c |}{col 40}{res}{space 2}-296.6319{col 52}{space 2} 116.4123{col 63}{space 1}   -2.55{col 72}{space 3}0.011{col 80}{space 4}-525.2371{col 93}{space 3}-68.02668
{txt}{hline 39}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. estimates store m4
{txt}
{com}. 
. 
. 
. 
. lab var US10YrYields_AnnAvg "USrates"
{txt}
{com}. lab var CurrAcctBal_PerGDP  "CurrAcct"
{txt}
{com}. lab var lvaw_garriga "CBI"
{txt}
{com}. lab var Taxes_PerGDP "TaxRevenue"
{txt}
{com}. lab var ny_gdp_totl_rt_zs "NatRents"
{txt}
{com}. lab var cyrs "CCrisisYrs"
{txt}
{com}. lab var dyrs "DCrisisYrs"
{txt}
{com}. lab var BestCRtg "CreditRating"
{txt}
{com}. lab var v2x_polyarchy "Democracy"
{txt}
{com}. lab var DebtService_PerGDP "DebtService"
{txt}
{com}. lab var Inflation_annGDPdeflator "Inflation"
{txt}
{com}. lab var ExtDebtStocks_PerGNI "ExtDebt"
{txt}
{com}. lab var PegBandManaged_NoUnion "PegBand"
{txt}
{com}. lab var deltaReserves_Imports "Reserves"
{txt}
{com}. lab var year "Year"
{txt}
{com}. lab var GlobalReserveLevels "GlobalReserves"
{txt}
{com}. lab var ElectionYear "ElectionYear"
{txt}
{com}. 
. 
. 
. 
. esttab m1 m2 m3 m4, ///
> cells(b(star fmt(%9.3f)) se(par)) stats(N , fmt(%9.2f %9.0f)) starlevels(* 0.05 ** 0.01 *** 0.001) nonumbers legend ///
> title("Table 1: Models of Reserve Levels") ///
> note("Robust Standard Errors")  ///
>  label collabels(none) ///
>     varlabels(_cons Constant "c.ElectionPeriod#c.US10YrYields_AnnAvg" "Election*USrates" "c.year#c.GlobalReserveLevels" "Year*GlobalReserves") ///
>     order(ElectionPeriod US10YrYields_AnnAvg c.ElectionPeriod#c.US10YrYields_AnnAvg ElectionYear) drop(*country_num c.year#c.GlobalReserveLevels GlobalReserveLevels year) 
{res}
{txt}Table 1: Models of Reserve Levels
{txt}{hline 84}
{txt}                         Reserves        Reserves        Reserves        Reserves   
{txt}{hline 84}
{txt}ElectionPeriod      {res}       -0.213*          0.582*          0.715*          0.379   {txt}
                    {res}      (0.106)         (0.258)         (0.282)         (0.239)   {txt}
{txt}USrates             {res}       -0.247**         0.017          -0.617***       -0.192*  {txt}
                    {res}      (0.091)         (0.046)         (0.099)         (0.094)   {txt}
{txt}Election*USrates    {res}                       -0.170*         -0.240**        -0.184*  {txt}
                    {res}                      (0.071)         (0.083)         (0.072)   {txt}
{txt}ElectionYear        {res}        0.155                           0.073           0.163   {txt}
                    {res}      (0.130)                         (0.131)         (0.130)   {txt}
{txt}L.Reserves          {res}       -0.166**                        -0.172***       -0.168** {txt}
                    {res}      (0.057)                         (0.052)         (0.057)   {txt}
{txt}L.GDPpcap           {res}        0.000                                           0.000   {txt}
                    {res}      (0.000)                                         (0.000)   {txt}
{txt}L.GDPgrowth         {res}        0.004                                           0.006   {txt}
                    {res}      (0.018)                                         (0.018)   {txt}
{txt}L.NatRents          {res}       -0.010                                          -0.012   {txt}
                    {res}      (0.021)                                         (0.021)   {txt}
{txt}L.CurrAcct          {res}        0.002                                           0.002   {txt}
                    {res}      (0.008)                                         (0.008)   {txt}
{txt}L.ExtDebt           {res}       -0.001                                          -0.001   {txt}
                    {res}      (0.001)                                         (0.001)   {txt}
{txt}L.DebtService       {res}       -0.926                                          -0.943   {txt}
                    {res}      (1.208)                                         (1.170)   {txt}
{txt}L.Inflation         {res}        0.010                                           0.011   {txt}
                    {res}      (0.008)                                         (0.008)   {txt}
{txt}L.PegBand           {res}        0.191                                           0.183   {txt}
                    {res}      (0.165)                                         (0.165)   {txt}
{txt}L.CBI               {res}       -0.628                                          -0.432   {txt}
                    {res}      (0.622)                                         (0.603)   {txt}
{txt}L.TaxRevenue        {res}        4.765*                                          4.811*  {txt}
                    {res}      (2.318)                                         (2.322)   {txt}
{txt}L.CreditRating      {res}        0.056                                           0.056   {txt}
                    {res}      (0.030)                                         (0.030)   {txt}
{txt}L.CCrisisYrs        {res}        0.013                                           0.013   {txt}
                    {res}      (0.013)                                         (0.013)   {txt}
{txt}L.DCrisisYrs        {res}       -0.019                                          -0.020   {txt}
                    {res}      (0.012)                                         (0.012)   {txt}
{txt}L.Democracy         {res}        0.514                                           0.613   {txt}
                    {res}      (0.943)                                         (0.950)   {txt}
{txt}L.LeftGov           {res}       -0.054                                          -0.061   {txt}
                    {res}      (0.120)                                         (0.121)   {txt}
{txt}Constant            {res}     -280.022*         -1.681***     -227.244*       -296.632*  {txt}
                    {res}    (115.145)         (0.136)       (110.344)       (116.412)   {txt}
{txt}{hline 84}
{txt}N                   {res}       700.00         1153.00         1044.00          700.00   {txt}
{txt}{hline 84}
{txt}Robust Standard Errors
{txt}* p<0.05, ** p<0.01, *** p<0.001

{com}. 
. 
. 
. 
.         
. ***************************************************************************************************************************************************************************
. *Table 2
. 
. * Generate pre-election share
. replace  monthDPI= . if ElectionPeriod==0 
{txt}(93 real changes made, 93 to missing)

{com}. gen preelec_share = 0 if year <=2020
{txt}(265 missing values generated)

{com}. replace preelec_share = monthDPI/12 if monthDPI != . 
{txt}(236 real changes made)

{com}. by country_num, sort: replace preelec_share = (12-monthDPI[_n+1])/12 if monthDPI[_n+1] != .
{txt}(196 real changes made)

{com}. 
. * Make Hybrid measure
. gen preelec_share2 = preelec_share 
{txt}(265 missing values generated)

{com}. replace preelec_share2 = 1 if F.ElectionPeriod==1 & ElectionPeriod==1 & year <=2020     
{txt}(220 real changes made)

{com}. 
. 
. * Generate post-election share (monthly) 
. gen postelec_share = 0 if year <=2020
{txt}(265 missing values generated)

{com}. replace postelec_share = (12-monthDPI)/12 if monthDPI != .
{txt}(213 real changes made)

{com}. 
. * Generate post-election share (annual) 
. gen post_Election =0 if year <=2020
{txt}(265 missing values generated)

{com}. replace post_Election =1 if ElectionLastYear==1 
{txt}(229 real changes made)

{com}. 
.         
. regress deltaReserves_Imports c.preelec_share c.US10YrYields_AnnAvg postelec_share l.deltaReserves_Imports l.GDPpcap l.GDPgrowth l.ny_gdp_totl_rt_zs l.CurrAcctBal_PerGDP l.ExtDebtStocks_PerGNI l.DebtService_PerGDP l.Inflation_annGDPdeflator l.PegBandManaged_NoUnion l.lvaw_garriga l.Taxes_PerGDP l.BestCRtg l.cyrs l.dyrs l.v2x_polyarchy l.Left i.country_num c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}       700
                                                {txt}{help j_robustsingular:F(69, 628) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.0978
                                                {txt}Root MSE          =    {res} 1.0787

{txt}{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}       deltaReserves_Imports{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 15}preelec_share {c |}{col 30}{res}{space 2}-.2464682{col 42}{space 2} .1297794{col 53}{space 1}   -1.90{col 62}{space 3}0.058{col 70}{space 4}-.5013224{col 83}{space 3}  .008386
{txt}{space 9}US10YrYields_AnnAvg {c |}{col 30}{res}{space 2}-.2336813{col 42}{space 2} .0913579{col 53}{space 1}   -2.56{col 62}{space 3}0.011{col 70}{space 4}-.4130852{col 83}{space 3}-.0542774
{txt}{space 14}postelec_share {c |}{col 30}{res}{space 2}  .128896{col 42}{space 2} .1955818{col 53}{space 1}    0.66{col 62}{space 3}0.510{col 70}{space 4}-.2551776{col 83}{space 3} .5129696
{txt}{space 28} {c |}
{space 7}deltaReserves_Imports {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.1678371{col 42}{space 2} .0564781{col 53}{space 1}   -2.97{col 62}{space 3}0.003{col 70}{space 4} -.278746{col 83}{space 3}-.0569282
{txt}{space 28} {c |}
{space 21}GDPpcap {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0000877{col 42}{space 2} .0000596{col 53}{space 1}    1.47{col 62}{space 3}0.142{col 70}{space 4}-.0000293{col 83}{space 3} .0002046
{txt}{space 28} {c |}
{space 19}GDPgrowth {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0045812{col 42}{space 2} .0176241{col 53}{space 1}    0.26{col 62}{space 3}0.795{col 70}{space 4} -.030028{col 83}{space 3} .0391904
{txt}{space 28} {c |}
{space 11}ny_gdp_totl_rt_zs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0107545{col 42}{space 2} .0204092{col 53}{space 1}   -0.53{col 62}{space 3}0.598{col 70}{space 4}-.0508331{col 83}{space 3}  .029324
{txt}{space 28} {c |}
{space 10}CurrAcctBal_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0013157{col 42}{space 2}  .007933{col 53}{space 1}    0.17{col 62}{space 3}0.868{col 70}{space 4}-.0142627{col 83}{space 3} .0168942
{txt}{space 28} {c |}
{space 8}ExtDebtStocks_PerGNI {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0008462{col 42}{space 2} .0011904{col 53}{space 1}   -0.71{col 62}{space 3}0.477{col 70}{space 4}-.0031839{col 83}{space 3} .0014915
{txt}{space 28} {c |}
{space 10}DebtService_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-1.048491{col 42}{space 2} 1.222802{col 53}{space 1}   -0.86{col 62}{space 3}0.392{col 70}{space 4}-3.449766{col 83}{space 3} 1.352785
{txt}{space 28} {c |}
{space 4}Inflation_annGDPdeflator {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}  .010858{col 42}{space 2} .0079019{col 53}{space 1}    1.37{col 62}{space 3}0.170{col 70}{space 4}-.0046594{col 83}{space 3} .0263754
{txt}{space 28} {c |}
{space 6}PegBandManaged_NoUnion {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .1748015{col 42}{space 2} .1650457{col 53}{space 1}    1.06{col 62}{space 3}0.290{col 70}{space 4}-.1493069{col 83}{space 3} .4989098
{txt}{space 28} {c |}
{space 16}lvaw_garriga {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.5077816{col 42}{space 2} .6218452{col 53}{space 1}   -0.82{col 62}{space 3}0.414{col 70}{space 4}-1.728929{col 83}{space 3}  .713366
{txt}{space 28} {c |}
{space 16}Taxes_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} 4.733696{col 42}{space 2} 2.307002{col 53}{space 1}    2.05{col 62}{space 3}0.041{col 70}{space 4} .2033247{col 83}{space 3} 9.264067
{txt}{space 28} {c |}
{space 20}BestCRtg {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0526287{col 42}{space 2} .0293068{col 53}{space 1}    1.80{col 62}{space 3}0.073{col 70}{space 4}-.0049225{col 83}{space 3} .1101798
{txt}{space 28} {c |}
{space 24}cyrs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}  .012004{col 42}{space 2} .0130239{col 53}{space 1}    0.92{col 62}{space 3}0.357{col 70}{space 4}-.0135717{col 83}{space 3} .0375797
{txt}{space 28} {c |}
{space 24}dyrs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0195729{col 42}{space 2} .0117621{col 53}{space 1}   -1.66{col 62}{space 3}0.097{col 70}{space 4}-.0426708{col 83}{space 3}  .003525
{txt}{space 28} {c |}
{space 15}v2x_polyarchy {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}  .498758{col 42}{space 2} .9369156{col 53}{space 1}    0.53{col 62}{space 3}0.595{col 70}{space 4}-1.341109{col 83}{space 3} 2.338625
{txt}{space 28} {c |}
{space 21}LeftGov {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0499784{col 42}{space 2} .1191899{col 53}{space 1}   -0.42{col 62}{space 3}0.675{col 70}{space 4}-.2840374{col 83}{space 3} .1840806
{txt}{space 28} {c |}
{space 17}country_num {c |}
{space 24}ARG  {c |}{col 30}{res}{space 2}-1.205502{col 42}{space 2} .6884046{col 53}{space 1}   -1.75{col 62}{space 3}0.080{col 70}{space 4}-2.557356{col 83}{space 3} .1463514
{txt}{space 24}ARM  {c |}{col 30}{res}{space 2}  .045448{col 42}{space 2} .2981778{col 53}{space 1}    0.15{col 62}{space 3}0.879{col 70}{space 4}-.5400982{col 83}{space 3} .6309942
{txt}{space 24}BGD  {c |}{col 30}{res}{space 2} .1193622{col 42}{space 2} .5097437{col 53}{space 1}    0.23{col 62}{space 3}0.815{col 70}{space 4}-.8816463{col 83}{space 3} 1.120371
{txt}{space 24}BGR  {c |}{col 30}{res}{space 2} .0392972{col 42}{space 2} .4079893{col 53}{space 1}    0.10{col 62}{space 3}0.923{col 70}{space 4}-.7618912{col 83}{space 3} .8404856
{txt}{space 24}BIH  {c |}{col 30}{res}{space 2} .1587462{col 42}{space 2} .3327845{col 53}{space 1}    0.48{col 62}{space 3}0.634{col 70}{space 4}-.4947589{col 83}{space 3} .8122514
{txt}{space 24}BRA  {c |}{col 30}{res}{space 2}-.4957145{col 42}{space 2} .8064025{col 53}{space 1}   -0.61{col 62}{space 3}0.539{col 70}{space 4}-2.079286{col 83}{space 3} 1.087857
{txt}{space 24}BWA  {c |}{col 30}{res}{space 2}-.9586199{col 42}{space 2} .7728514{col 53}{space 1}   -1.24{col 62}{space 3}0.215{col 70}{space 4}-2.476306{col 83}{space 3} .5590661
{txt}{space 24}DOM  {c |}{col 30}{res}{space 2}  .149011{col 42}{space 2} .3304685{col 53}{space 1}    0.45{col 62}{space 3}0.652{col 70}{space 4} -.499946{col 83}{space 3} .7979681
{txt}{space 24}ECU  {c |}{col 30}{res}{space 2} .0394192{col 42}{space 2} .3914109{col 53}{space 1}    0.10{col 62}{space 3}0.920{col 70}{space 4}-.7292135{col 83}{space 3} .8080519
{txt}{space 24}GEO  {c |}{col 30}{res}{space 2} .0394534{col 42}{space 2} .3001871{col 53}{space 1}    0.13{col 62}{space 3}0.895{col 70}{space 4}-.5500385{col 83}{space 3} .6289454
{txt}{space 24}GHA  {c |}{col 30}{res}{space 2} .3469457{col 42}{space 2} .5371482{col 53}{space 1}    0.65{col 62}{space 3}0.519{col 70}{space 4}-.7078784{col 83}{space 3}  1.40177
{txt}{space 24}GMB  {c |}{col 30}{res}{space 2} 1.167445{col 42}{space 2}  .587758{col 53}{space 1}    1.99{col 62}{space 3}0.047{col 70}{space 4} .0132363{col 83}{space 3} 2.321654
{txt}{space 24}GTM  {c |}{col 30}{res}{space 2} .8228828{col 42}{space 2} .3346018{col 53}{space 1}    2.46{col 62}{space 3}0.014{col 70}{space 4} .1658089{col 83}{space 3} 1.479957
{txt}{space 24}HND  {c |}{col 30}{res}{space 2}-.1891335{col 42}{space 2} .2946785{col 53}{space 1}   -0.64{col 62}{space 3}0.521{col 70}{space 4} -.767808{col 83}{space 3}  .389541
{txt}{space 24}HTI  {c |}{col 30}{res}{space 2} .6805996{col 42}{space 2} .6179337{col 53}{space 1}    1.10{col 62}{space 3}0.271{col 70}{space 4}-.5328669{col 83}{space 3} 1.894066
{txt}{space 24}IDN  {c |}{col 30}{res}{space 2} .4577936{col 42}{space 2} .4422634{col 53}{space 1}    1.04{col 62}{space 3}0.301{col 70}{space 4}-.4107005{col 83}{space 3} 1.326288
{txt}{space 24}IND  {c |}{col 30}{res}{space 2} .4233206{col 42}{space 2} .6886917{col 53}{space 1}    0.61{col 62}{space 3}0.539{col 70}{space 4}-.9290967{col 83}{space 3} 1.775738
{txt}{space 24}JAM  {c |}{col 30}{res}{space 2}    -.394{col 42}{space 2} .5037741{col 53}{space 1}   -0.78{col 62}{space 3}0.434{col 70}{space 4}-1.383286{col 83}{space 3} .5952858
{txt}{space 24}KEN  {c |}{col 30}{res}{space 2} .2932006{col 42}{space 2} .3478341{col 53}{space 1}    0.84{col 62}{space 3}0.400{col 70}{space 4}-.3898581{col 83}{space 3} .9762593
{txt}{space 24}KGZ  {c |}{col 30}{res}{space 2} .0610717{col 42}{space 2} .3643351{col 53}{space 1}    0.17{col 62}{space 3}0.867{col 70}{space 4}-.6543908{col 83}{space 3} .7765342
{txt}{space 24}LBN  {c |}{col 30}{res}{space 2} .6207038{col 42}{space 2} .6127997{col 53}{space 1}    1.01{col 62}{space 3}0.311{col 70}{space 4}-.5826808{col 83}{space 3} 1.824088
{txt}{space 24}LBR  {c |}{col 30}{res}{space 2} .7689552{col 42}{space 2} .6054494{col 53}{space 1}    1.27{col 62}{space 3}0.205{col 70}{space 4}-.4199953{col 83}{space 3} 1.957906
{txt}{space 24}LKA  {c |}{col 30}{res}{space 2} .0258056{col 42}{space 2} .4117022{col 53}{space 1}    0.06{col 62}{space 3}0.950{col 70}{space 4} -.782674{col 83}{space 3} .8342852
{txt}{space 24}LSO  {c |}{col 30}{res}{space 2}-.8449877{col 42}{space 2} .7065394{col 53}{space 1}   -1.20{col 62}{space 3}0.232{col 70}{space 4}-2.232454{col 83}{space 3} .5424782
{txt}{space 24}MDA  {c |}{col 30}{res}{space 2}-.0055783{col 42}{space 2} .2579804{col 53}{space 1}   -0.02{col 62}{space 3}0.983{col 70}{space 4} -.512187{col 83}{space 3} .5010304
{txt}{space 24}MDG  {c |}{col 30}{res}{space 2} .5036785{col 42}{space 2} .4399458{col 53}{space 1}    1.14{col 62}{space 3}0.253{col 70}{space 4}-.3602645{col 83}{space 3} 1.367622
{txt}{space 24}MNG  {c |}{col 30}{res}{space 2} .0322065{col 42}{space 2} .5031458{col 53}{space 1}    0.06{col 62}{space 3}0.949{col 70}{space 4}-.9558454{col 83}{space 3} 1.020258
{txt}{space 24}MOZ  {c |}{col 30}{res}{space 2} .2482902{col 42}{space 2} .6038804{col 53}{space 1}    0.41{col 62}{space 3}0.681{col 70}{space 4}-.9375791{col 83}{space 3}  1.43416
{txt}{space 24}MRT  {c |}{col 30}{res}{space 2} 1.397069{col 42}{space 2} .5882519{col 53}{space 1}    2.37{col 62}{space 3}0.018{col 70}{space 4} .2418902{col 83}{space 3} 2.552248
{txt}{space 24}MUS  {c |}{col 30}{res}{space 2}-.3415108{col 42}{space 2} .5748512{col 53}{space 1}   -0.59{col 62}{space 3}0.553{col 70}{space 4}-1.470374{col 83}{space 3} .7873524
{txt}{space 24}MWI  {c |}{col 30}{res}{space 2} .0986573{col 42}{space 2} .4506142{col 53}{space 1}    0.22{col 62}{space 3}0.827{col 70}{space 4}-.7862357{col 83}{space 3} .9835502
{txt}{space 24}NIC  {c |}{col 30}{res}{space 2} .5500763{col 42}{space 2} .3406981{col 53}{space 1}    1.61{col 62}{space 3}0.107{col 70}{space 4} -.118969{col 83}{space 3} 1.219122
{txt}{space 24}NPL  {c |}{col 30}{res}{space 2}-.1345687{col 42}{space 2} .7718372{col 53}{space 1}   -0.17{col 62}{space 3}0.862{col 70}{space 4}-1.650263{col 83}{space 3} 1.381126
{txt}{space 24}PAK  {c |}{col 30}{res}{space 2}-.0218133{col 42}{space 2} .6441652{col 53}{space 1}   -0.03{col 62}{space 3}0.973{col 70}{space 4}-1.286792{col 83}{space 3} 1.243165
{txt}{space 24}PAN  {c |}{col 30}{res}{space 2}-.6494913{col 42}{space 2} .7773422{col 53}{space 1}   -0.84{col 62}{space 3}0.404{col 70}{space 4}-2.175996{col 83}{space 3} .8770133
{txt}{space 24}PER  {c |}{col 30}{res}{space 2} .2737556{col 42}{space 2} .5070436{col 53}{space 1}    0.54{col 62}{space 3}0.589{col 70}{space 4}-.7219506{col 83}{space 3} 1.269462
{txt}{space 24}PHL  {c |}{col 30}{res}{space 2} .5805719{col 42}{space 2} .4144696{col 53}{space 1}    1.40{col 62}{space 3}0.162{col 70}{space 4}-.2333421{col 83}{space 3} 1.394486
{txt}{space 24}PNG  {c |}{col 30}{res}{space 2} .4735512{col 42}{space 2} .5499627{col 53}{space 1}    0.86{col 62}{space 3}0.390{col 70}{space 4}-.6064372{col 83}{space 3}  1.55354
{txt}{space 24}PRY  {c |}{col 30}{res}{space 2} .4031282{col 42}{space 2} .4084751{col 53}{space 1}    0.99{col 62}{space 3}0.324{col 70}{space 4}-.3990142{col 83}{space 3} 1.205271
{txt}{space 24}ROU  {c |}{col 30}{res}{space 2}-.1535744{col 42}{space 2} .4350343{col 53}{space 1}   -0.35{col 62}{space 3}0.724{col 70}{space 4}-1.007872{col 83}{space 3} .7007235
{txt}{space 24}SLE  {c |}{col 30}{res}{space 2} .6561367{col 42}{space 2} .4852486{col 53}{space 1}    1.35{col 62}{space 3}0.177{col 70}{space 4}-.2967696{col 83}{space 3} 1.609043
{txt}{space 24}SLV  {c |}{col 30}{res}{space 2} .2323869{col 42}{space 2} .2918402{col 53}{space 1}    0.80{col 62}{space 3}0.426{col 70}{space 4}-.3407138{col 83}{space 3} .8054876
{txt}{space 24}THA  {c |}{col 30}{res}{space 2}-.5382977{col 42}{space 2} .5480814{col 53}{space 1}   -0.98{col 62}{space 3}0.326{col 70}{space 4}-1.614592{col 83}{space 3} .5379965
{txt}{space 24}TLS  {c |}{col 30}{res}{space 2}  2.36061{col 42}{space 2} 2.018433{col 53}{space 1}    1.17{col 62}{space 3}0.243{col 70}{space 4}-1.603086{col 83}{space 3} 6.324306
{txt}{space 24}TUN  {c |}{col 30}{res}{space 2}-.2295469{col 42}{space 2} .6719266{col 53}{space 1}   -0.34{col 62}{space 3}0.733{col 70}{space 4}-1.549042{col 83}{space 3} 1.089948
{txt}{space 24}TZA  {c |}{col 30}{res}{space 2} .2671259{col 42}{space 2} .4721361{col 53}{space 1}    0.57{col 62}{space 3}0.572{col 70}{space 4}-.6600307{col 83}{space 3} 1.194283
{txt}{space 24}UKR  {c |}{col 30}{res}{space 2}-.3213432{col 42}{space 2} .4629804{col 53}{space 1}   -0.69{col 62}{space 3}0.488{col 70}{space 4} -1.23052{col 83}{space 3}  .587834
{txt}{space 24}ZAF  {c |}{col 30}{res}{space 2}-.2907356{col 42}{space 2} .5878786{col 53}{space 1}   -0.49{col 62}{space 3}0.621{col 70}{space 4}-1.445181{col 83}{space 3} .8637103
{txt}{space 24}ZMB  {c |}{col 30}{res}{space 2} .1932558{col 42}{space 2} .5344001{col 53}{space 1}    0.36{col 62}{space 3}0.718{col 70}{space 4}-.8561716{col 83}{space 3} 1.242683
{txt}{space 28} {c |}
{space 24}year {c |}{col 30}{res}{space 2} .1357809{col 42}{space 2}  .057101{col 53}{space 1}    2.38{col 62}{space 3}0.018{col 70}{space 4} .0236488{col 83}{space 3}  .247913
{txt}{space 9}GlobalReserveLevels {c |}{col 30}{res}{space 2} 2.04e-11{col 42}{space 2} 8.73e-12{col 53}{space 1}    2.33{col 62}{space 3}0.020{col 70}{space 4} 3.21e-12{col 83}{space 3} 3.75e-11
{txt}{space 28} {c |}
c.year#c.GlobalReserveLevels {c |}{col 30}{res}{space 2}-1.02e-14{col 42}{space 2} 4.36e-15{col 53}{space 1}   -2.35{col 62}{space 3}0.019{col 70}{space 4}-1.88e-14{col 83}{space 3}-1.67e-15
{txt}{space 28} {c |}
{space 23}_cons {c |}{col 30}{res}{space 2}-272.1284{col 42}{space 2} 114.2464{col 53}{space 1}   -2.38{col 62}{space 3}0.018{col 70}{space 4}-496.4797{col 83}{space 3}-47.77709
{txt}{hline 29}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. estimates store m5
{txt}
{com}. 
. regress deltaReserves_Imports c.preelec_share##c.US10YrYields_AnnAvg postelec_share l.deltaReserves_Imports l.GDPpcap l.GDPgrowth l.ny_gdp_totl_rt_zs l.CurrAcctBal_PerGDP l.ExtDebtStocks_PerGNI l.DebtService_PerGDP l.Inflation_annGDPdeflator l.PegBandManaged_NoUnion l.lvaw_garriga l.Taxes_PerGDP l.BestCRtg l.cyrs l.dyrs l.v2x_polyarchy l.Left i.country_num c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}       700
                                                {txt}{help j_robustsingular:F(70, 627) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1015
                                                {txt}Root MSE          =    {res} 1.0773

{txt}{hline 38}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 39}{c |}{col 51}    Robust
{col 1}                deltaReserves_Imports{col 39}{c |}      Coef.{col 51}   Std. Err.{col 63}      t{col 71}   P>|t|{col 79}     [95% Con{col 92}f. Interval]
{hline 38}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 24}preelec_share {c |}{col 39}{res}{space 2} .4366485{col 51}{space 2} .3388214{col 62}{space 1}    1.29{col 71}{space 3}0.198{col 79}{space 4}-.2287136{col 92}{space 3} 1.102011
{txt}{space 18}US10YrYields_AnnAvg {c |}{col 39}{res}{space 2}-.2029482{col 51}{space 2} .0946524{col 62}{space 1}   -2.14{col 71}{space 3}0.032{col 79}{space 4}-.3888222{col 92}{space 3}-.0170742
{txt}{space 37} {c |}
c.preelec_share#c.US10YrYields_AnnAvg {c |}{col 39}{res}{space 2}-.2073759{col 51}{space 2} .1028889{col 62}{space 1}   -2.02{col 71}{space 3}0.044{col 79}{space 4}-.4094244{col 92}{space 3}-.0053274
{txt}{space 37} {c |}
{space 23}postelec_share {c |}{col 39}{res}{space 2} .1267005{col 51}{space 2} .1948177{col 62}{space 1}    0.65{col 71}{space 3}0.516{col 79}{space 4}-.2558736{col 92}{space 3} .5092747
{txt}{space 37} {c |}
{space 16}deltaReserves_Imports {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-.1683585{col 51}{space 2} .0563006{col 62}{space 1}   -2.99{col 71}{space 3}0.003{col 79}{space 4}-.2789191{col 92}{space 3}-.0577978
{txt}{space 37} {c |}
{space 30}GDPpcap {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0000843{col 51}{space 2} .0000595{col 62}{space 1}    1.42{col 71}{space 3}0.157{col 79}{space 4}-.0000326{col 92}{space 3} .0002013
{txt}{space 37} {c |}
{space 28}GDPgrowth {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0044266{col 51}{space 2} .0176828{col 62}{space 1}    0.25{col 71}{space 3}0.802{col 79}{space 4}-.0302981{col 92}{space 3} .0391514
{txt}{space 37} {c |}
{space 20}ny_gdp_totl_rt_zs {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} -.011701{col 51}{space 2} .0203668{col 62}{space 1}   -0.57{col 71}{space 3}0.566{col 79}{space 4}-.0516965{col 92}{space 3} .0282944
{txt}{space 37} {c |}
{space 19}CurrAcctBal_PerGDP {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0019101{col 51}{space 2} .0079358{col 62}{space 1}    0.24{col 71}{space 3}0.810{col 79}{space 4}-.0136739{col 92}{space 3}  .017494
{txt}{space 37} {c |}
{space 17}ExtDebtStocks_PerGNI {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-.0008703{col 51}{space 2} .0011835{col 62}{space 1}   -0.74{col 71}{space 3}0.462{col 79}{space 4}-.0031945{col 92}{space 3} .0014539
{txt}{space 37} {c |}
{space 19}DebtService_PerGDP {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-1.182551{col 51}{space 2} 1.221294{col 62}{space 1}   -0.97{col 71}{space 3}0.333{col 79}{space 4}-3.580873{col 92}{space 3} 1.215772
{txt}{space 37} {c |}
{space 13}Inflation_annGDPdeflator {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0115756{col 51}{space 2} .0080616{col 62}{space 1}    1.44{col 71}{space 3}0.152{col 79}{space 4}-.0042554{col 92}{space 3} .0274066
{txt}{space 37} {c |}
{space 15}PegBandManaged_NoUnion {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .1653594{col 51}{space 2} .1644923{col 62}{space 1}    1.01{col 71}{space 3}0.315{col 79}{space 4} -.157663{col 92}{space 3} .4883818
{txt}{space 37} {c |}
{space 25}lvaw_garriga {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-.3554575{col 51}{space 2} .6191858{col 62}{space 1}   -0.57{col 71}{space 3}0.566{col 79}{space 4}-1.571387{col 92}{space 3} .8604716
{txt}{space 37} {c |}
{space 25}Taxes_PerGDP {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} 4.810101{col 51}{space 2} 2.306243{col 62}{space 1}    2.09{col 71}{space 3}0.037{col 79}{space 4} .2812056{col 92}{space 3} 9.338996
{txt}{space 37} {c |}
{space 29}BestCRtg {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0501706{col 51}{space 2} .0294681{col 62}{space 1}    1.70{col 71}{space 3}0.089{col 79}{space 4}-.0076976{col 92}{space 3} .1080388
{txt}{space 37} {c |}
{space 33}cyrs {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0110527{col 51}{space 2} .0131991{col 62}{space 1}    0.84{col 71}{space 3}0.403{col 79}{space 4}-.0148671{col 92}{space 3} .0369725
{txt}{space 37} {c |}
{space 33}dyrs {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-.0199258{col 51}{space 2} .0117373{col 62}{space 1}   -1.70{col 71}{space 3}0.090{col 79}{space 4}-.0429751{col 92}{space 3} .0031234
{txt}{space 37} {c |}
{space 24}v2x_polyarchy {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .5339398{col 51}{space 2} .9380797{col 62}{space 1}    0.57{col 71}{space 3}0.569{col 79}{space 4}-1.308219{col 92}{space 3} 2.376098
{txt}{space 37} {c |}
{space 30}LeftGov {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-.0537679{col 51}{space 2}  .119561{col 62}{space 1}   -0.45{col 71}{space 3}0.653{col 79}{space 4}-.2885563{col 92}{space 3} .1810205
{txt}{space 37} {c |}
{space 26}country_num {c |}
{space 33}ARG  {c |}{col 39}{res}{space 2}-1.213266{col 51}{space 2}  .693926{col 62}{space 1}   -1.75{col 71}{space 3}0.081{col 79}{space 4}-2.575966{col 92}{space 3} .1494345
{txt}{space 33}ARM  {c |}{col 39}{res}{space 2}-.0209868{col 51}{space 2} .2998161{col 62}{space 1}   -0.07{col 71}{space 3}0.944{col 79}{space 4}-.6097521{col 92}{space 3} .5677785
{txt}{space 33}BGD  {c |}{col 39}{res}{space 2} .2057461{col 51}{space 2} .5174609{col 62}{space 1}    0.40{col 71}{space 3}0.691{col 79}{space 4}-.8104201{col 92}{space 3} 1.221912
{txt}{space 33}BGR  {c |}{col 39}{res}{space 2} .0229715{col 51}{space 2} .4035606{col 62}{space 1}    0.06{col 71}{space 3}0.955{col 79}{space 4}-.7695225{col 92}{space 3} .8154655
{txt}{space 33}BIH  {c |}{col 39}{res}{space 2}  .108011{col 51}{space 2} .3321472{col 62}{space 1}    0.33{col 71}{space 3}0.745{col 79}{space 4}-.5442447{col 92}{space 3} .7602667
{txt}{space 33}BRA  {c |}{col 39}{res}{space 2}-.4185002{col 51}{space 2} .8128423{col 62}{space 1}   -0.51{col 71}{space 3}0.607{col 79}{space 4}-2.014723{col 92}{space 3} 1.177723
{txt}{space 33}BWA  {c |}{col 39}{res}{space 2}-.9676368{col 51}{space 2} .7684775{col 62}{space 1}   -1.26{col 71}{space 3}0.208{col 79}{space 4}-2.476738{col 92}{space 3} .5414645
{txt}{space 33}DOM  {c |}{col 39}{res}{space 2}  .148815{col 51}{space 2} .3294122{col 62}{space 1}    0.45{col 71}{space 3}0.652{col 79}{space 4}-.4980697{col 92}{space 3} .7956998
{txt}{space 33}ECU  {c |}{col 39}{res}{space 2} .0740212{col 51}{space 2} .3894347{col 62}{space 1}    0.19{col 71}{space 3}0.849{col 79}{space 4} -.690733{col 92}{space 3} .8387754
{txt}{space 33}GEO  {c |}{col 39}{res}{space 2}  .033699{col 51}{space 2} .3015082{col 62}{space 1}    0.11{col 71}{space 3}0.911{col 79}{space 4}-.5583892{col 92}{space 3} .6257872
{txt}{space 33}GHA  {c |}{col 39}{res}{space 2} .3478607{col 51}{space 2} .5375603{col 62}{space 1}    0.65{col 71}{space 3}0.518{col 79}{space 4}-.7077758{col 92}{space 3} 1.403497
{txt}{space 33}GMB  {c |}{col 39}{res}{space 2} 1.238379{col 51}{space 2} .5939797{col 62}{space 1}    2.08{col 71}{space 3}0.037{col 79}{space 4} .0719486{col 92}{space 3} 2.404809
{txt}{space 33}GTM  {c |}{col 39}{res}{space 2} .8163339{col 51}{space 2} .3344277{col 62}{space 1}    2.44{col 71}{space 3}0.015{col 79}{space 4} .1595999{col 92}{space 3} 1.473068
{txt}{space 33}HND  {c |}{col 39}{res}{space 2}-.1483982{col 51}{space 2} .3046725{col 62}{space 1}   -0.49{col 71}{space 3}0.626{col 79}{space 4}-.7467003{col 92}{space 3} .4499039
{txt}{space 33}HTI  {c |}{col 39}{res}{space 2} .7446397{col 51}{space 2} .6142129{col 62}{space 1}    1.21{col 71}{space 3}0.226{col 79}{space 4}-.4615238{col 92}{space 3} 1.950803
{txt}{space 33}IDN  {c |}{col 39}{res}{space 2} .4227043{col 51}{space 2} .4399636{col 62}{space 1}    0.96{col 71}{space 3}0.337{col 79}{space 4}-.4412762{col 92}{space 3} 1.286685
{txt}{space 33}IND  {c |}{col 39}{res}{space 2} .4772102{col 51}{space 2} .6891589{col 62}{space 1}    0.69{col 71}{space 3}0.489{col 79}{space 4}-.8761289{col 92}{space 3} 1.830549
{txt}{space 33}JAM  {c |}{col 39}{res}{space 2}-.3270937{col 51}{space 2} .5003074{col 62}{space 1}   -0.65{col 71}{space 3}0.513{col 79}{space 4}-1.309575{col 92}{space 3} .6553873
{txt}{space 33}KEN  {c |}{col 39}{res}{space 2} .3198563{col 51}{space 2} .3529634{col 62}{space 1}    0.91{col 71}{space 3}0.365{col 79}{space 4}-.3732772{col 92}{space 3}  1.01299
{txt}{space 33}KGZ  {c |}{col 39}{res}{space 2}  .108895{col 51}{space 2} .3628119{col 62}{space 1}    0.30{col 71}{space 3}0.764{col 79}{space 4}-.6035786{col 92}{space 3} .8213686
{txt}{space 33}LBN  {c |}{col 39}{res}{space 2} .7449173{col 51}{space 2} .6148318{col 62}{space 1}    1.21{col 71}{space 3}0.226{col 79}{space 4}-.4624616{col 92}{space 3} 1.952296
{txt}{space 33}LBR  {c |}{col 39}{res}{space 2} .8278988{col 51}{space 2} .6040667{col 62}{space 1}    1.37{col 71}{space 3}0.171{col 79}{space 4}-.3583402{col 92}{space 3} 2.014138
{txt}{space 33}LKA  {c |}{col 39}{res}{space 2} .0717315{col 51}{space 2} .4147675{col 62}{space 1}    0.17{col 71}{space 3}0.863{col 79}{space 4}-.7427702{col 92}{space 3} .8862331
{txt}{space 33}LSO  {c |}{col 39}{res}{space 2}-.8555516{col 51}{space 2} .7089388{col 62}{space 1}   -1.21{col 71}{space 3}0.228{col 79}{space 4}-2.247733{col 92}{space 3} .5366303
{txt}{space 33}MDA  {c |}{col 39}{res}{space 2}-.0133775{col 51}{space 2} .2562141{col 62}{space 1}   -0.05{col 71}{space 3}0.958{col 79}{space 4}-.5165191{col 92}{space 3} .4897641
{txt}{space 33}MDG  {c |}{col 39}{res}{space 2}  .524093{col 51}{space 2} .4421982{col 62}{space 1}    1.19{col 71}{space 3}0.236{col 79}{space 4}-.3442758{col 92}{space 3} 1.392462
{txt}{space 33}MNG  {c |}{col 39}{res}{space 2} .0540482{col 51}{space 2} .4984275{col 62}{space 1}    0.11{col 71}{space 3}0.914{col 79}{space 4}-.9247413{col 92}{space 3} 1.032838
{txt}{space 33}MOZ  {c |}{col 39}{res}{space 2} .3466482{col 51}{space 2} .6044238{col 62}{space 1}    0.57{col 71}{space 3}0.566{col 79}{space 4}-.8402919{col 92}{space 3} 1.533588
{txt}{space 33}MRT  {c |}{col 39}{res}{space 2} 1.506277{col 51}{space 2} .5955504{col 62}{space 1}    2.53{col 71}{space 3}0.012{col 79}{space 4} .3367626{col 92}{space 3} 2.675792
{txt}{space 33}MUS  {c |}{col 39}{res}{space 2} -.289558{col 51}{space 2} .5715454{col 62}{space 1}   -0.51{col 71}{space 3}0.613{col 79}{space 4}-1.411933{col 92}{space 3} .8328169
{txt}{space 33}MWI  {c |}{col 39}{res}{space 2} .1410469{col 51}{space 2}  .451017{col 62}{space 1}    0.31{col 71}{space 3}0.755{col 79}{space 4}-.7446398{col 92}{space 3} 1.026734
{txt}{space 33}NIC  {c |}{col 39}{res}{space 2} .5830798{col 51}{space 2} .3408718{col 62}{space 1}    1.71{col 71}{space 3}0.088{col 79}{space 4}-.0863088{col 92}{space 3} 1.252468
{txt}{space 33}NPL  {c |}{col 39}{res}{space 2} -.089388{col 51}{space 2} .7730447{col 62}{space 1}   -0.12{col 71}{space 3}0.908{col 79}{space 4}-1.607458{col 92}{space 3} 1.428682
{txt}{space 33}PAK  {c |}{col 39}{res}{space 2} .0618021{col 51}{space 2} .6565279{col 62}{space 1}    0.09{col 71}{space 3}0.925{col 79}{space 4}-1.227458{col 92}{space 3} 1.351062
{txt}{space 33}PAN  {c |}{col 39}{res}{space 2}-.5252752{col 51}{space 2} .7736056{col 62}{space 1}   -0.68{col 71}{space 3}0.497{col 79}{space 4}-2.044447{col 92}{space 3} .9938965
{txt}{space 33}PER  {c |}{col 39}{res}{space 2} .2538414{col 51}{space 2} .5038254{col 62}{space 1}    0.50{col 71}{space 3}0.615{col 79}{space 4}-.7355481{col 92}{space 3} 1.243231
{txt}{space 33}PHL  {c |}{col 39}{res}{space 2} .5855175{col 51}{space 2} .4136889{col 62}{space 1}    1.42{col 71}{space 3}0.157{col 79}{space 4}-.2268661{col 92}{space 3} 1.397901
{txt}{space 33}PNG  {c |}{col 39}{res}{space 2} .5101933{col 51}{space 2} .5490955{col 62}{space 1}    0.93{col 71}{space 3}0.353{col 79}{space 4}-.5680955{col 92}{space 3} 1.588482
{txt}{space 33}PRY  {c |}{col 39}{res}{space 2} .4289268{col 51}{space 2} .4097641{col 62}{space 1}    1.05{col 71}{space 3}0.296{col 79}{space 4}-.3757493{col 92}{space 3} 1.233603
{txt}{space 33}ROU  {c |}{col 39}{res}{space 2}-.1791919{col 51}{space 2} .4361786{col 62}{space 1}   -0.41{col 71}{space 3}0.681{col 79}{space 4} -1.03574{col 92}{space 3} .6773559
{txt}{space 33}SLE  {c |}{col 39}{res}{space 2} .6737386{col 51}{space 2} .4841548{col 62}{space 1}    1.39{col 71}{space 3}0.165{col 79}{space 4}-.2770227{col 92}{space 3}   1.6245
{txt}{space 33}SLV  {c |}{col 39}{res}{space 2} .2289955{col 51}{space 2} .2931007{col 62}{space 1}    0.78{col 71}{space 3}0.435{col 79}{space 4}-.3465824{col 92}{space 3} .8045735
{txt}{space 33}THA  {c |}{col 39}{res}{space 2}-.4853678{col 51}{space 2} .5440353{col 62}{space 1}   -0.89{col 71}{space 3}0.373{col 79}{space 4} -1.55372{col 92}{space 3}  .582984
{txt}{space 33}TLS  {c |}{col 39}{res}{space 2} 2.518391{col 51}{space 2} 2.017544{col 62}{space 1}    1.25{col 71}{space 3}0.212{col 79}{space 4}-1.443571{col 92}{space 3} 6.480352
{txt}{space 33}TUN  {c |}{col 39}{res}{space 2}-.1953291{col 51}{space 2} .6671641{col 62}{space 1}   -0.29{col 71}{space 3}0.770{col 79}{space 4}-1.505476{col 92}{space 3} 1.114818
{txt}{space 33}TZA  {c |}{col 39}{res}{space 2} .2974909{col 51}{space 2} .4684646{col 62}{space 1}    0.64{col 71}{space 3}0.526{col 79}{space 4}-.6224587{col 92}{space 3}  1.21744
{txt}{space 33}UKR  {c |}{col 39}{res}{space 2}-.3695069{col 51}{space 2} .4628718{col 62}{space 1}   -0.80{col 71}{space 3}0.425{col 79}{space 4}-1.278474{col 92}{space 3} .5394599
{txt}{space 33}ZAF  {c |}{col 39}{res}{space 2}-.2574508{col 51}{space 2} .5890303{col 62}{space 1}   -0.44{col 71}{space 3}0.662{col 79}{space 4}-1.414162{col 92}{space 3} .8992603
{txt}{space 33}ZMB  {c |}{col 39}{res}{space 2} .2641106{col 51}{space 2} .5358712{col 62}{space 1}    0.49{col 71}{space 3}0.622{col 79}{space 4}-.7882089{col 92}{space 3}  1.31643
{txt}{space 37} {c |}
{space 33}year {c |}{col 39}{res}{space 2} .1368195{col 51}{space 2} .0568303{col 62}{space 1}    2.41{col 71}{space 3}0.016{col 79}{space 4} .0252187{col 92}{space 3} .2484203
{txt}{space 18}GlobalReserveLevels {c |}{col 39}{res}{space 2} 2.06e-11{col 51}{space 2} 8.66e-12{col 62}{space 1}    2.37{col 71}{space 3}0.018{col 79}{space 4} 3.55e-12{col 92}{space 3} 3.76e-11
{txt}{space 37} {c |}
{space 9}c.year#c.GlobalReserveLevels {c |}{col 39}{res}{space 2}-1.03e-14{col 51}{space 2} 4.33e-15{col 62}{space 1}   -2.39{col 71}{space 3}0.017{col 79}{space 4}-1.88e-14{col 92}{space 3}-1.83e-15
{txt}{space 37} {c |}
{space 32}_cons {c |}{col 39}{res}{space 2}-274.3746{col 51}{space 2} 113.7061{col 62}{space 1}   -2.41{col 71}{space 3}0.016{col 79}{space 4}-497.6656{col 92}{space 3} -51.0836
{txt}{hline 38}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. estimates store m6
{txt}
{com}. 
. regress deltaReserves_Imports c.preelec_share2 c.US10YrYields_AnnAvg postelec_share l.deltaReserves_Imports l.GDPpcap l.GDPgrowth l.ny_gdp_totl_rt_zs l.CurrAcctBal_PerGDP l.ExtDebtStocks_PerGNI l.DebtService_PerGDP l.Inflation_annGDPdeflator l.PegBandManaged_NoUnion l.lvaw_garriga l.Taxes_PerGDP l.BestCRtg l.cyrs l.dyrs l.v2x_polyarchy l.Left i.country_num c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}       700
                                                {txt}{help j_robustsingular:F(69, 628) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1052
                                                {txt}Root MSE          =    {res} 1.0742

{txt}{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}       deltaReserves_Imports{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}preelec_share2 {c |}{col 30}{res}{space 2}-.2831212{col 42}{space 2} .0966785{col 53}{space 1}   -2.93{col 62}{space 3}0.004{col 70}{space 4}-.4729735{col 83}{space 3}-.0932689
{txt}{space 9}US10YrYields_AnnAvg {c |}{col 30}{res}{space 2} -.237041{col 42}{space 2} .0906554{col 53}{space 1}   -2.61{col 62}{space 3}0.009{col 70}{space 4}-.4150654{col 83}{space 3}-.0590167
{txt}{space 14}postelec_share {c |}{col 30}{res}{space 2} .1126986{col 42}{space 2} .1923727{col 53}{space 1}    0.59{col 62}{space 3}0.558{col 70}{space 4} -.265073{col 83}{space 3} .4904703
{txt}{space 28} {c |}
{space 7}deltaReserves_Imports {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.1695436{col 42}{space 2} .0564935{col 53}{space 1}   -3.00{col 62}{space 3}0.003{col 70}{space 4}-.2804826{col 83}{space 3}-.0586046
{txt}{space 28} {c |}
{space 21}GDPpcap {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0000932{col 42}{space 2} .0000591{col 53}{space 1}    1.58{col 62}{space 3}0.115{col 70}{space 4}-.0000229{col 83}{space 3} .0002092
{txt}{space 28} {c |}
{space 19}GDPgrowth {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0035871{col 42}{space 2} .0178721{col 53}{space 1}    0.20{col 62}{space 3}0.841{col 70}{space 4}-.0315092{col 83}{space 3} .0386834
{txt}{space 28} {c |}
{space 11}ny_gdp_totl_rt_zs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0090938{col 42}{space 2}  .020226{col 53}{space 1}   -0.45{col 62}{space 3}0.653{col 70}{space 4}-.0488125{col 83}{space 3} .0306249
{txt}{space 28} {c |}
{space 10}CurrAcctBal_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0017613{col 42}{space 2} .0078982{col 53}{space 1}    0.22{col 62}{space 3}0.824{col 70}{space 4}-.0137487{col 83}{space 3} .0172714
{txt}{space 28} {c |}
{space 8}ExtDebtStocks_PerGNI {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0009366{col 42}{space 2} .0011783{col 53}{space 1}   -0.79{col 62}{space 3}0.427{col 70}{space 4}-.0032506{col 83}{space 3} .0013773
{txt}{space 28} {c |}
{space 10}DebtService_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-1.066022{col 42}{space 2} 1.190064{col 53}{space 1}   -0.90{col 62}{space 3}0.371{col 70}{space 4}-3.403008{col 83}{space 3} 1.270964
{txt}{space 28} {c |}
{space 4}Inflation_annGDPdeflator {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0106652{col 42}{space 2} .0075095{col 53}{space 1}    1.42{col 62}{space 3}0.156{col 70}{space 4}-.0040816{col 83}{space 3}  .025412
{txt}{space 28} {c |}
{space 6}PegBandManaged_NoUnion {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .1779655{col 42}{space 2} .1650295{col 53}{space 1}    1.08{col 62}{space 3}0.281{col 70}{space 4}-.1461109{col 83}{space 3} .5020419
{txt}{space 28} {c |}
{space 16}lvaw_garriga {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.4125663{col 42}{space 2} .6219436{col 53}{space 1}   -0.66{col 62}{space 3}0.507{col 70}{space 4}-1.633907{col 83}{space 3} .8087745
{txt}{space 28} {c |}
{space 16}Taxes_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} 4.733924{col 42}{space 2} 2.299351{col 53}{space 1}    2.06{col 62}{space 3}0.040{col 70}{space 4}  .218576{col 83}{space 3} 9.249272
{txt}{space 28} {c |}
{space 20}BestCRtg {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0539805{col 42}{space 2} .0296142{col 53}{space 1}    1.82{col 62}{space 3}0.069{col 70}{space 4}-.0041742{col 83}{space 3} .1121353
{txt}{space 28} {c |}
{space 24}cyrs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0125341{col 42}{space 2} .0131167{col 53}{space 1}    0.96{col 62}{space 3}0.340{col 70}{space 4}-.0132239{col 83}{space 3}  .038292
{txt}{space 28} {c |}
{space 24}dyrs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0192299{col 42}{space 2} .0117077{col 53}{space 1}   -1.64{col 62}{space 3}0.101{col 70}{space 4}-.0422209{col 83}{space 3} .0037611
{txt}{space 28} {c |}
{space 15}v2x_polyarchy {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .5351314{col 42}{space 2} .9325296{col 53}{space 1}    0.57{col 62}{space 3}0.566{col 70}{space 4}-1.296122{col 83}{space 3} 2.366385
{txt}{space 28} {c |}
{space 21}LeftGov {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0485073{col 42}{space 2} .1193411{col 53}{space 1}   -0.41{col 62}{space 3}0.685{col 70}{space 4}-.2828632{col 83}{space 3} .1858487
{txt}{space 28} {c |}
{space 17}country_num {c |}
{space 24}ARG  {c |}{col 30}{res}{space 2}-1.239407{col 42}{space 2} .6815811{col 53}{space 1}   -1.82{col 62}{space 3}0.069{col 70}{space 4}-2.577861{col 83}{space 3} .0990469
{txt}{space 24}ARM  {c |}{col 30}{res}{space 2} .0032377{col 42}{space 2} .3005697{col 53}{space 1}    0.01{col 62}{space 3}0.991{col 70}{space 4}-.5870056{col 83}{space 3}  .593481
{txt}{space 24}BGD  {c |}{col 30}{res}{space 2} .1608405{col 42}{space 2} .4950196{col 53}{space 1}    0.32{col 62}{space 3}0.745{col 70}{space 4}-.8112535{col 83}{space 3} 1.132935
{txt}{space 24}BGR  {c |}{col 30}{res}{space 2} .0147548{col 42}{space 2} .4075708{col 53}{space 1}    0.04{col 62}{space 3}0.971{col 70}{space 4}-.7856118{col 83}{space 3} .8151214
{txt}{space 24}BIH  {c |}{col 30}{res}{space 2} .1465792{col 42}{space 2} .3349234{col 53}{space 1}    0.44{col 62}{space 3}0.662{col 70}{space 4}-.5111262{col 83}{space 3} .8042846
{txt}{space 24}BRA  {c |}{col 30}{res}{space 2}-.4588028{col 42}{space 2} .8045826{col 53}{space 1}   -0.57{col 62}{space 3}0.569{col 70}{space 4}-2.038801{col 83}{space 3} 1.121195
{txt}{space 24}BWA  {c |}{col 30}{res}{space 2}-.9435066{col 42}{space 2} .7712715{col 53}{space 1}   -1.22{col 62}{space 3}0.222{col 70}{space 4} -2.45809{col 83}{space 3} .5710768
{txt}{space 24}DOM  {c |}{col 30}{res}{space 2} .1463855{col 42}{space 2} .3294042{col 53}{space 1}    0.44{col 62}{space 3}0.657{col 70}{space 4}-.5004816{col 83}{space 3} .7932527
{txt}{space 24}ECU  {c |}{col 30}{res}{space 2} .0155617{col 42}{space 2} .3897726{col 53}{space 1}    0.04{col 62}{space 3}0.968{col 70}{space 4}-.7498538{col 83}{space 3} .7809772
{txt}{space 24}GEO  {c |}{col 30}{res}{space 2} .0458535{col 42}{space 2}  .298158{col 53}{space 1}    0.15{col 62}{space 3}0.878{col 70}{space 4}-.5396539{col 83}{space 3} .6313609
{txt}{space 24}GHA  {c |}{col 30}{res}{space 2}  .401328{col 42}{space 2} .5374241{col 53}{space 1}    0.75{col 62}{space 3}0.455{col 70}{space 4}-.6540378{col 83}{space 3} 1.456694
{txt}{space 24}GMB  {c |}{col 30}{res}{space 2} 1.156987{col 42}{space 2} .5901475{col 53}{space 1}    1.96{col 62}{space 3}0.050{col 70}{space 4}-.0019145{col 83}{space 3} 2.315888
{txt}{space 24}GTM  {c |}{col 30}{res}{space 2} .8369877{col 42}{space 2}  .332184{col 53}{space 1}    2.52{col 62}{space 3}0.012{col 70}{space 4} .1846618{col 83}{space 3} 1.489314
{txt}{space 24}HND  {c |}{col 30}{res}{space 2}-.1685003{col 42}{space 2} .2929962{col 53}{space 1}   -0.58{col 62}{space 3}0.565{col 70}{space 4}-.7438713{col 83}{space 3} .4068706
{txt}{space 24}HTI  {c |}{col 30}{res}{space 2} .6840514{col 42}{space 2} .6170731{col 53}{space 1}    1.11{col 62}{space 3}0.268{col 70}{space 4}-.5277251{col 83}{space 3} 1.895828
{txt}{space 24}IDN  {c |}{col 30}{res}{space 2} .4359192{col 42}{space 2} .4399416{col 53}{space 1}    0.99{col 62}{space 3}0.322{col 70}{space 4}-.4280155{col 83}{space 3} 1.299854
{txt}{space 24}IND  {c |}{col 30}{res}{space 2} .4375025{col 42}{space 2} .6882803{col 53}{space 1}    0.64{col 62}{space 3}0.525{col 70}{space 4} -.914107{col 83}{space 3} 1.789112
{txt}{space 24}JAM  {c |}{col 30}{res}{space 2}-.3878556{col 42}{space 2}  .509496{col 53}{space 1}   -0.76{col 62}{space 3}0.447{col 70}{space 4}-1.388378{col 83}{space 3} .6126664
{txt}{space 24}KEN  {c |}{col 30}{res}{space 2} .3396511{col 42}{space 2} .3496219{col 53}{space 1}    0.97{col 62}{space 3}0.332{col 70}{space 4}-.3469184{col 83}{space 3} 1.026221
{txt}{space 24}KGZ  {c |}{col 30}{res}{space 2} .0841412{col 42}{space 2}  .368814{col 53}{space 1}    0.23{col 62}{space 3}0.820{col 70}{space 4}-.6401169{col 83}{space 3} .8083992
{txt}{space 24}LBN  {c |}{col 30}{res}{space 2} .6827795{col 42}{space 2}  .601447{col 53}{space 1}    1.14{col 62}{space 3}0.257{col 70}{space 4}-.4983112{col 83}{space 3}  1.86387
{txt}{space 24}LBR  {c |}{col 30}{res}{space 2} .7846056{col 42}{space 2} .6088524{col 53}{space 1}    1.29{col 62}{space 3}0.198{col 70}{space 4}-.4110275{col 83}{space 3} 1.980239
{txt}{space 24}LKA  {c |}{col 30}{res}{space 2} .0246373{col 42}{space 2} .4034414{col 53}{space 1}    0.06{col 62}{space 3}0.951{col 70}{space 4}-.7676201{col 83}{space 3} .8168947
{txt}{space 24}LSO  {c |}{col 30}{res}{space 2}-.8697717{col 42}{space 2} .7044694{col 53}{space 1}   -1.23{col 62}{space 3}0.217{col 70}{space 4}-2.253172{col 83}{space 3} .5136291
{txt}{space 24}MDA  {c |}{col 30}{res}{space 2} .0125377{col 42}{space 2} .2557595{col 53}{space 1}    0.05{col 62}{space 3}0.961{col 70}{space 4}-.4897096{col 83}{space 3} .5147851
{txt}{space 24}MDG  {c |}{col 30}{res}{space 2} .5120581{col 42}{space 2} .4333807{col 53}{space 1}    1.18{col 62}{space 3}0.238{col 70}{space 4}-.3389927{col 83}{space 3} 1.363109
{txt}{space 24}MNG  {c |}{col 30}{res}{space 2} .0350936{col 42}{space 2} .4951086{col 53}{space 1}    0.07{col 62}{space 3}0.944{col 70}{space 4}-.9371754{col 83}{space 3} 1.007362
{txt}{space 24}MOZ  {c |}{col 30}{res}{space 2} .3232742{col 42}{space 2} .6063581{col 53}{space 1}    0.53{col 62}{space 3}0.594{col 70}{space 4}-.8674607{col 83}{space 3} 1.514009
{txt}{space 24}MRT  {c |}{col 30}{res}{space 2} 1.361846{col 42}{space 2} .5848412{col 53}{space 1}    2.33{col 62}{space 3}0.020{col 70}{space 4}  .213365{col 83}{space 3} 2.510327
{txt}{space 24}MUS  {c |}{col 30}{res}{space 2}-.3401797{col 42}{space 2} .5732514{col 53}{space 1}   -0.59{col 62}{space 3}0.553{col 70}{space 4}-1.465901{col 83}{space 3} .7855421
{txt}{space 24}MWI  {c |}{col 30}{res}{space 2} .1309114{col 42}{space 2} .4506041{col 53}{space 1}    0.29{col 62}{space 3}0.772{col 70}{space 4}-.7539619{col 83}{space 3} 1.015785
{txt}{space 24}NIC  {c |}{col 30}{res}{space 2} .5699145{col 42}{space 2} .3378773{col 53}{space 1}    1.69{col 62}{space 3}0.092{col 70}{space 4}-.0935917{col 83}{space 3} 1.233421
{txt}{space 24}NPL  {c |}{col 30}{res}{space 2} .0773594{col 42}{space 2} .7655644{col 53}{space 1}    0.10{col 62}{space 3}0.920{col 70}{space 4}-1.426017{col 83}{space 3} 1.580735
{txt}{space 24}PAK  {c |}{col 30}{res}{space 2}-.0086325{col 42}{space 2} .6405318{col 53}{space 1}   -0.01{col 62}{space 3}0.989{col 70}{space 4}-1.266476{col 83}{space 3} 1.249211
{txt}{space 24}PAN  {c |}{col 30}{res}{space 2}-.6570715{col 42}{space 2} .7701995{col 53}{space 1}   -0.85{col 62}{space 3}0.394{col 70}{space 4} -2.16955{col 83}{space 3} .8554066
{txt}{space 24}PER  {c |}{col 30}{res}{space 2} .2263462{col 42}{space 2} .5050846{col 53}{space 1}    0.45{col 62}{space 3}0.654{col 70}{space 4}-.7655129{col 83}{space 3} 1.218205
{txt}{space 24}PHL  {c |}{col 30}{res}{space 2} .5794374{col 42}{space 2} .4183905{col 53}{space 1}    1.38{col 62}{space 3}0.167{col 70}{space 4}-.2421765{col 83}{space 3} 1.401051
{txt}{space 24}PNG  {c |}{col 30}{res}{space 2} .4613868{col 42}{space 2} .5472955{col 53}{space 1}    0.84{col 62}{space 3}0.400{col 70}{space 4} -.613364{col 83}{space 3} 1.536138
{txt}{space 24}PRY  {c |}{col 30}{res}{space 2} .3868588{col 42}{space 2} .4092186{col 53}{space 1}    0.95{col 62}{space 3}0.345{col 70}{space 4}-.4167437{col 83}{space 3} 1.190461
{txt}{space 24}ROU  {c |}{col 30}{res}{space 2}-.1735888{col 42}{space 2} .4309181{col 53}{space 1}   -0.40{col 62}{space 3}0.687{col 70}{space 4}-1.019804{col 83}{space 3}  .672626
{txt}{space 24}SLE  {c |}{col 30}{res}{space 2} .6767177{col 42}{space 2}   .48198{col 53}{space 1}    1.40{col 62}{space 3}0.161{col 70}{space 4}-.2697699{col 83}{space 3} 1.623205
{txt}{space 24}SLV  {c |}{col 30}{res}{space 2} .2120611{col 42}{space 2} .2933024{col 53}{space 1}    0.72{col 62}{space 3}0.470{col 70}{space 4}-.3639111{col 83}{space 3} .7880333
{txt}{space 24}THA  {c |}{col 30}{res}{space 2}-.4972099{col 42}{space 2} .5556834{col 53}{space 1}   -0.89{col 62}{space 3}0.371{col 70}{space 4}-1.588432{col 83}{space 3} .5940126
{txt}{space 24}TLS  {c |}{col 30}{res}{space 2} 2.316111{col 42}{space 2} 1.967278{col 53}{space 1}    1.18{col 62}{space 3}0.240{col 70}{space 4}-1.547129{col 83}{space 3} 6.179351
{txt}{space 24}TUN  {c |}{col 30}{res}{space 2}-.2075272{col 42}{space 2} .6775222{col 53}{space 1}   -0.31{col 62}{space 3}0.759{col 70}{space 4} -1.53801{col 83}{space 3} 1.122956
{txt}{space 24}TZA  {c |}{col 30}{res}{space 2} .2982779{col 42}{space 2} .4721093{col 53}{space 1}    0.63{col 62}{space 3}0.528{col 70}{space 4}-.6288262{col 83}{space 3} 1.225382
{txt}{space 24}UKR  {c |}{col 30}{res}{space 2}-.3228782{col 42}{space 2} .4494785{col 53}{space 1}   -0.72{col 62}{space 3}0.473{col 70}{space 4}-1.205541{col 83}{space 3} .5597846
{txt}{space 24}ZAF  {c |}{col 30}{res}{space 2}-.2888397{col 42}{space 2} .5904477{col 53}{space 1}   -0.49{col 62}{space 3}0.625{col 70}{space 4}-1.448331{col 83}{space 3} .8706513
{txt}{space 24}ZMB  {c |}{col 30}{res}{space 2} .1876929{col 42}{space 2} .5320778{col 53}{space 1}    0.35{col 62}{space 3}0.724{col 70}{space 4}-.8571743{col 83}{space 3}  1.23256
{txt}{space 28} {c |}
{space 24}year {c |}{col 30}{res}{space 2} .1365994{col 42}{space 2} .0573123{col 53}{space 1}    2.38{col 62}{space 3}0.017{col 70}{space 4} .0240525{col 83}{space 3} .2491463
{txt}{space 9}GlobalReserveLevels {c |}{col 30}{res}{space 2} 2.06e-11{col 42}{space 2} 8.76e-12{col 53}{space 1}    2.35{col 62}{space 3}0.019{col 70}{space 4} 3.36e-12{col 83}{space 3} 3.78e-11
{txt}{space 28} {c |}
c.year#c.GlobalReserveLevels {c |}{col 30}{res}{space 2}-1.03e-14{col 42}{space 2} 4.38e-15{col 53}{space 1}   -2.36{col 62}{space 3}0.019{col 70}{space 4}-1.89e-14{col 83}{space 3}-1.74e-15
{txt}{space 28} {c |}
{space 23}_cons {c |}{col 30}{res}{space 2}-273.8198{col 42}{space 2} 114.6746{col 53}{space 1}   -2.39{col 62}{space 3}0.017{col 70}{space 4}-499.0118{col 83}{space 3}-48.62766
{txt}{hline 29}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. estimates store m7
{txt}
{com}. 
. regress deltaReserves_Imports c.preelec_share2##c.US10YrYields_AnnAvg postelec_share l.deltaReserves_Imports l.GDPpcap l.GDPgrowth l.ny_gdp_totl_rt_zs l.CurrAcctBal_PerGDP l.ExtDebtStocks_PerGNI l.DebtService_PerGDP l.Inflation_annGDPdeflator l.PegBandManaged_NoUnion l.lvaw_garriga l.Taxes_PerGDP l.BestCRtg l.cyrs l.dyrs l.v2x_polyarchy l.Left i.country_num c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}       700
                                                {txt}{help j_robustsingular:F(70, 627) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1099
                                                {txt}Root MSE          =    {res} 1.0722

{txt}{hline 39}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 40}{c |}{col 52}    Robust
{col 1}                 deltaReserves_Imports{col 40}{c |}      Coef.{col 52}   Std. Err.{col 64}      t{col 72}   P>|t|{col 80}     [95% Con{col 93}f. Interval]
{hline 39}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 24}preelec_share2 {c |}{col 40}{res}{space 2} .2705393{col 52}{space 2} .2665579{col 63}{space 1}    1.01{col 72}{space 3}0.311{col 80}{space 4}-.2529151{col 93}{space 3} .7939937
{txt}{space 19}US10YrYields_AnnAvg {c |}{col 40}{res}{space 2}-.1957894{col 52}{space 2} .0932957{col 63}{space 1}   -2.10{col 72}{space 3}0.036{col 80}{space 4}-.3789992{col 93}{space 3}-.0125795
{txt}{space 38} {c |}
c.preelec_share2#c.US10YrYields_AnnAvg {c |}{col 40}{res}{space 2}-.1701151{col 52}{space 2} .0822927{col 63}{space 1}   -2.07{col 72}{space 3}0.039{col 80}{space 4}-.3317179{col 93}{space 3}-.0085124
{txt}{space 38} {c |}
{space 24}postelec_share {c |}{col 40}{res}{space 2} .1178045{col 52}{space 2} .1920976{col 63}{space 1}    0.61{col 72}{space 3}0.540{col 80}{space 4}-.2594281{col 93}{space 3} .4950371
{txt}{space 38} {c |}
{space 17}deltaReserves_Imports {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.1699864{col 52}{space 2} .0565532{col 63}{space 1}   -3.01{col 72}{space 3}0.003{col 80}{space 4} -.281043{col 93}{space 3}-.0589298
{txt}{space 38} {c |}
{space 31}GDPpcap {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0000922{col 52}{space 2} .0000592{col 63}{space 1}    1.56{col 72}{space 3}0.120{col 80}{space 4} -.000024{col 93}{space 3} .0002084
{txt}{space 38} {c |}
{space 29}GDPgrowth {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0047025{col 52}{space 2} .0177681{col 63}{space 1}    0.26{col 72}{space 3}0.791{col 80}{space 4}-.0301896{col 93}{space 3} .0395947
{txt}{space 38} {c |}
{space 21}ny_gdp_totl_rt_zs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0106805{col 52}{space 2} .0202931{col 63}{space 1}   -0.53{col 72}{space 3}0.599{col 80}{space 4}-.0505312{col 93}{space 3} .0291702
{txt}{space 38} {c |}
{space 20}CurrAcctBal_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0019565{col 52}{space 2} .0078339{col 63}{space 1}    0.25{col 72}{space 3}0.803{col 80}{space 4}-.0134274{col 93}{space 3} .0173404
{txt}{space 38} {c |}
{space 18}ExtDebtStocks_PerGNI {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0009906{col 52}{space 2} .0011696{col 63}{space 1}   -0.85{col 72}{space 3}0.397{col 80}{space 4}-.0032875{col 93}{space 3} .0013063
{txt}{space 38} {c |}
{space 20}DebtService_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-1.093639{col 52}{space 2} 1.164484{col 63}{space 1}   -0.94{col 72}{space 3}0.348{col 80}{space 4}  -3.3804{col 93}{space 3} 1.193123
{txt}{space 38} {c |}
{space 14}Inflation_annGDPdeflator {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0114209{col 52}{space 2} .0074482{col 63}{space 1}    1.53{col 72}{space 3}0.126{col 80}{space 4}-.0032055{col 93}{space 3} .0260474
{txt}{space 38} {c |}
{space 16}PegBandManaged_NoUnion {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .1727934{col 52}{space 2} .1651606{col 63}{space 1}    1.05{col 72}{space 3}0.296{col 80}{space 4}-.1515416{col 93}{space 3} .4971283
{txt}{space 38} {c |}
{space 26}lvaw_garriga {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.2260489{col 52}{space 2} .6163971{col 63}{space 1}   -0.37{col 72}{space 3}0.714{col 80}{space 4}-1.436502{col 93}{space 3} .9844037
{txt}{space 38} {c |}
{space 26}Taxes_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} 4.669777{col 52}{space 2} 2.288066{col 63}{space 1}    2.04{col 72}{space 3}0.042{col 80}{space 4} .1765765{col 93}{space 3} 9.162978
{txt}{space 38} {c |}
{space 30}BestCRtg {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0541474{col 52}{space 2} .0300774{col 63}{space 1}    1.80{col 72}{space 3}0.072{col 80}{space 4}-.0049172{col 93}{space 3} .1132119
{txt}{space 38} {c |}
{space 34}cyrs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0124269{col 52}{space 2} .0134301{col 63}{space 1}    0.93{col 72}{space 3}0.355{col 80}{space 4}-.0139465{col 93}{space 3} .0388003
{txt}{space 38} {c |}
{space 34}dyrs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0197098{col 52}{space 2} .0116287{col 63}{space 1}   -1.69{col 72}{space 3}0.091{col 80}{space 4}-.0425456{col 93}{space 3}  .003126
{txt}{space 38} {c |}
{space 25}v2x_polyarchy {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .5618773{col 52}{space 2} .9419714{col 63}{space 1}    0.60{col 72}{space 3}0.551{col 80}{space 4}-1.287923{col 93}{space 3} 2.411678
{txt}{space 38} {c |}
{space 31}LeftGov {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0545479{col 52}{space 2} .1196862{col 63}{space 1}   -0.46{col 72}{space 3}0.649{col 80}{space 4}-.2895822{col 93}{space 3} .1804865
{txt}{space 38} {c |}
{space 27}country_num {c |}
{space 34}ARG  {c |}{col 40}{res}{space 2}-1.233963{col 52}{space 2} .6898987{col 63}{space 1}   -1.79{col 72}{space 3}0.074{col 80}{space 4}-2.588755{col 93}{space 3} .1208283
{txt}{space 34}ARM  {c |}{col 40}{res}{space 2}-.0944781{col 52}{space 2} .3051084{col 63}{space 1}   -0.31{col 72}{space 3}0.757{col 80}{space 4} -.693636{col 93}{space 3} .5046799
{txt}{space 34}BGD  {c |}{col 40}{res}{space 2} .2347884{col 52}{space 2} .4935615{col 63}{space 1}    0.48{col 72}{space 3}0.634{col 80}{space 4}-.7344453{col 93}{space 3} 1.204022
{txt}{space 34}BGR  {c |}{col 40}{res}{space 2} .0037971{col 52}{space 2} .4030213{col 63}{space 1}    0.01{col 72}{space 3}0.992{col 80}{space 4}-.7876379{col 93}{space 3}  .795232
{txt}{space 34}BIH  {c |}{col 40}{res}{space 2} .0936382{col 52}{space 2}  .330757{col 63}{space 1}    0.28{col 72}{space 3}0.777{col 80}{space 4}-.5558875{col 93}{space 3} .7431639
{txt}{space 34}BRA  {c |}{col 40}{res}{space 2}-.3359225{col 52}{space 2} .8142837{col 63}{space 1}   -0.41{col 72}{space 3}0.680{col 80}{space 4}-1.934976{col 93}{space 3} 1.263131
{txt}{space 34}BWA  {c |}{col 40}{res}{space 2} -.905485{col 52}{space 2}  .770222{col 63}{space 1}   -1.18{col 72}{space 3}0.240{col 80}{space 4}-2.418012{col 93}{space 3} .6070421
{txt}{space 34}DOM  {c |}{col 40}{res}{space 2}   .14473{col 52}{space 2} .3286264{col 63}{space 1}    0.44{col 72}{space 3}0.660{col 80}{space 4}-.5006116{col 93}{space 3} .7900716
{txt}{space 34}ECU  {c |}{col 40}{res}{space 2} .0699419{col 52}{space 2}  .390246{col 63}{space 1}    0.18{col 72}{space 3}0.858{col 80}{space 4}-.6964055{col 93}{space 3} .8362892
{txt}{space 34}GEO  {c |}{col 40}{res}{space 2} .0315967{col 52}{space 2} .3006508{col 63}{space 1}    0.11{col 72}{space 3}0.916{col 80}{space 4}-.5588077{col 93}{space 3} .6220011
{txt}{space 34}GHA  {c |}{col 40}{res}{space 2} .4147126{col 52}{space 2} .5403472{col 63}{space 1}    0.77{col 72}{space 3}0.443{col 80}{space 4}-.6463968{col 93}{space 3} 1.475822
{txt}{space 34}GMB  {c |}{col 40}{res}{space 2} 1.233026{col 52}{space 2} .5962025{col 63}{space 1}    2.07{col 72}{space 3}0.039{col 80}{space 4} .0622311{col 93}{space 3} 2.403822
{txt}{space 34}GTM  {c |}{col 40}{res}{space 2} .8463561{col 52}{space 2} .3316013{col 63}{space 1}    2.55{col 72}{space 3}0.011{col 80}{space 4} .1951725{col 93}{space 3}  1.49754
{txt}{space 34}HND  {c |}{col 40}{res}{space 2}-.1294223{col 52}{space 2} .3050681{col 63}{space 1}   -0.42{col 72}{space 3}0.672{col 80}{space 4}-.7285012{col 93}{space 3} .4696567
{txt}{space 34}HTI  {c |}{col 40}{res}{space 2} .7518019{col 52}{space 2} .6110921{col 63}{space 1}    1.23{col 72}{space 3}0.219{col 80}{space 4} -.448233{col 93}{space 3} 1.951837
{txt}{space 34}IDN  {c |}{col 40}{res}{space 2} .4084017{col 52}{space 2} .4395567{col 63}{space 1}    0.93{col 72}{space 3}0.353{col 80}{space 4}-.4547798{col 93}{space 3} 1.271583
{txt}{space 34}IND  {c |}{col 40}{res}{space 2} .5228831{col 52}{space 2} .6899377{col 63}{space 1}    0.76{col 72}{space 3}0.449{col 80}{space 4}-.8319853{col 93}{space 3} 1.877752
{txt}{space 34}JAM  {c |}{col 40}{res}{space 2}-.2799377{col 52}{space 2} .5119709{col 63}{space 1}   -0.55{col 72}{space 3}0.585{col 80}{space 4}-1.285323{col 93}{space 3} .7254475
{txt}{space 34}KEN  {c |}{col 40}{res}{space 2} .3868005{col 52}{space 2} .3582224{col 63}{space 1}    1.08{col 72}{space 3}0.281{col 80}{space 4}-.3166603{col 93}{space 3} 1.090261
{txt}{space 34}KGZ  {c |}{col 40}{res}{space 2} .1344763{col 52}{space 2} .3642592{col 63}{space 1}    0.37{col 72}{space 3}0.712{col 80}{space 4}-.5808394{col 93}{space 3}  .849792
{txt}{space 34}LBN  {c |}{col 40}{res}{space 2} .7797827{col 52}{space 2} .5993615{col 63}{space 1}    1.30{col 72}{space 3}0.194{col 80}{space 4}-.3972163{col 93}{space 3} 1.956782
{txt}{space 34}LBR  {c |}{col 40}{res}{space 2} .8420922{col 52}{space 2} .6040547{col 63}{space 1}    1.39{col 72}{space 3}0.164{col 80}{space 4} -.344123{col 93}{space 3} 2.028307
{txt}{space 34}LKA  {c |}{col 40}{res}{space 2} .0650622{col 52}{space 2} .4029754{col 63}{space 1}    0.16{col 72}{space 3}0.872{col 80}{space 4}-.7262825{col 93}{space 3}  .856407
{txt}{space 34}LSO  {c |}{col 40}{res}{space 2}-.8137345{col 52}{space 2} .7095413{col 63}{space 1}   -1.15{col 72}{space 3}0.252{col 80}{space 4}  -2.2071{col 93}{space 3} .5796306
{txt}{space 34}MDA  {c |}{col 40}{res}{space 2} .0010538{col 52}{space 2} .2565263{col 63}{space 1}    0.00{col 72}{space 3}0.997{col 80}{space 4} -.502701{col 93}{space 3} .5048085
{txt}{space 34}MDG  {c |}{col 40}{res}{space 2} .5197692{col 52}{space 2} .4309558{col 63}{space 1}    1.21{col 72}{space 3}0.228{col 80}{space 4}-.3265222{col 93}{space 3} 1.366061
{txt}{space 34}MNG  {c |}{col 40}{res}{space 2} .0768609{col 52}{space 2} .4942745{col 63}{space 1}    0.16{col 72}{space 3}0.876{col 80}{space 4}-.8937729{col 93}{space 3} 1.047495
{txt}{space 34}MOZ  {c |}{col 40}{res}{space 2} .4470282{col 52}{space 2} .6021454{col 63}{space 1}    0.74{col 72}{space 3}0.458{col 80}{space 4}-.7354377{col 93}{space 3} 1.629494
{txt}{space 34}MRT  {c |}{col 40}{res}{space 2} 1.468927{col 52}{space 2} .5903722{col 63}{space 1}    2.49{col 72}{space 3}0.013{col 80}{space 4} .3095809{col 93}{space 3} 2.628273
{txt}{space 34}MUS  {c |}{col 40}{res}{space 2}-.3002405{col 52}{space 2} .5716708{col 63}{space 1}   -0.53{col 72}{space 3}0.600{col 80}{space 4}-1.422862{col 93}{space 3} .8223808
{txt}{space 34}MWI  {c |}{col 40}{res}{space 2} .1820239{col 52}{space 2} .4504367{col 63}{space 1}    0.40{col 72}{space 3}0.686{col 80}{space 4}-.7025234{col 93}{space 3} 1.066571
{txt}{space 34}NIC  {c |}{col 40}{res}{space 2} .5971475{col 52}{space 2} .3362154{col 63}{space 1}    1.78{col 72}{space 3}0.076{col 80}{space 4} -.063097{col 93}{space 3} 1.257392
{txt}{space 34}NPL  {c |}{col 40}{res}{space 2} .0198483{col 52}{space 2} .7624404{col 63}{space 1}    0.03{col 72}{space 3}0.979{col 80}{space 4}-1.477398{col 93}{space 3} 1.517094
{txt}{space 34}PAK  {c |}{col 40}{res}{space 2} .0692429{col 52}{space 2} .6531652{col 63}{space 1}    0.11{col 72}{space 3}0.916{col 80}{space 4}-1.213413{col 93}{space 3} 1.351899
{txt}{space 34}PAN  {c |}{col 40}{res}{space 2}-.5606754{col 52}{space 2} .7668831{col 63}{space 1}   -0.73{col 72}{space 3}0.465{col 80}{space 4}-2.066646{col 93}{space 3} .9452949
{txt}{space 34}PER  {c |}{col 40}{res}{space 2} .2179673{col 52}{space 2} .5045642{col 63}{space 1}    0.43{col 72}{space 3}0.666{col 80}{space 4}-.7728731{col 93}{space 3} 1.208808
{txt}{space 34}PHL  {c |}{col 40}{res}{space 2} .5933713{col 52}{space 2} .4181416{col 63}{space 1}    1.42{col 72}{space 3}0.156{col 80}{space 4}-.2277563{col 93}{space 3} 1.414499
{txt}{space 34}PNG  {c |}{col 40}{res}{space 2} .5322973{col 52}{space 2} .5501172{col 63}{space 1}    0.97{col 72}{space 3}0.334{col 80}{space 4} -.547998{col 93}{space 3} 1.612593
{txt}{space 34}PRY  {c |}{col 40}{res}{space 2} .4121901{col 52}{space 2} .4114891{col 63}{space 1}    1.00{col 72}{space 3}0.317{col 80}{space 4}-.3958735{col 93}{space 3} 1.220254
{txt}{space 34}ROU  {c |}{col 40}{res}{space 2}-.1954551{col 52}{space 2}  .431101{col 63}{space 1}   -0.45{col 72}{space 3}0.650{col 80}{space 4}-1.042032{col 93}{space 3} .6511216
{txt}{space 34}SLE  {c |}{col 40}{res}{space 2} .6812227{col 52}{space 2} .4818247{col 63}{space 1}    1.41{col 72}{space 3}0.158{col 80}{space 4}-.2649629{col 93}{space 3} 1.627408
{txt}{space 34}SLV  {c |}{col 40}{res}{space 2} .2142094{col 52}{space 2} .2960564{col 63}{space 1}    0.72{col 72}{space 3}0.470{col 80}{space 4}-.3671727{col 93}{space 3} .7955915
{txt}{space 34}THA  {c |}{col 40}{res}{space 2}-.3982817{col 52}{space 2} .5547029{col 63}{space 1}   -0.72{col 72}{space 3}0.473{col 80}{space 4}-1.487582{col 93}{space 3} .6910188
{txt}{space 34}TLS  {c |}{col 40}{res}{space 2} 2.362076{col 52}{space 2} 2.014089{col 63}{space 1}    1.17{col 72}{space 3}0.241{col 80}{space 4}-1.593101{col 93}{space 3} 6.317253
{txt}{space 34}TUN  {c |}{col 40}{res}{space 2}-.1927277{col 52}{space 2} .6781566{col 63}{space 1}   -0.28{col 72}{space 3}0.776{col 80}{space 4}-1.524461{col 93}{space 3} 1.139006
{txt}{space 34}TZA  {c |}{col 40}{res}{space 2} .3236494{col 52}{space 2} .4675349{col 63}{space 1}    0.69{col 72}{space 3}0.489{col 80}{space 4}-.5944744{col 93}{space 3} 1.241773
{txt}{space 34}UKR  {c |}{col 40}{res}{space 2}-.3392173{col 52}{space 2} .4447268{col 63}{space 1}   -0.76{col 72}{space 3}0.446{col 80}{space 4}-1.212552{col 93}{space 3}  .534117
{txt}{space 34}ZAF  {c |}{col 40}{res}{space 2} -.204849{col 52}{space 2} .5968954{col 63}{space 1}   -0.34{col 72}{space 3}0.732{col 80}{space 4}-1.377005{col 93}{space 3} .9673071
{txt}{space 34}ZMB  {c |}{col 40}{res}{space 2} .2722743{col 52}{space 2} .5360471{col 63}{space 1}    0.51{col 72}{space 3}0.612{col 80}{space 4}-.7803906{col 93}{space 3} 1.324939
{txt}{space 38} {c |}
{space 34}year {c |}{col 40}{res}{space 2} .1414784{col 52}{space 2} .0576916{col 63}{space 1}    2.45{col 72}{space 3}0.014{col 80}{space 4} .0281862{col 93}{space 3} .2547706
{txt}{space 19}GlobalReserveLevels {c |}{col 40}{res}{space 2} 2.14e-11{col 52}{space 2} 8.78e-12{col 63}{space 1}    2.43{col 72}{space 3}0.015{col 80}{space 4} 4.13e-12{col 93}{space 3} 3.86e-11
{txt}{space 38} {c |}
{space 10}c.year#c.GlobalReserveLevels {c |}{col 40}{res}{space 2}-1.07e-14{col 52}{space 2} 4.39e-15{col 63}{space 1}   -2.45{col 72}{space 3}0.015{col 80}{space 4}-1.94e-14{col 93}{space 3}-2.13e-15
{txt}{space 38} {c |}
{space 33}_cons {c |}{col 40}{res}{space 2}-283.8461{col 52}{space 2} 115.4589{col 63}{space 1}   -2.46{col 72}{space 3}0.014{col 80}{space 4}-510.5791{col 93}{space 3}-57.11312
{txt}{hline 39}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. estimates store m8
{txt}
{com}. 
. lab var preelec_share "ElectionMonths"
{txt}
{com}. lab var preelec_share2 "ElectionHybrid"
{txt}
{com}. lab var postelec_share "PostElectionMonths"
{txt}
{com}. 
. 
. *No controls shown in table output, but are present in model.
. 
. 
. esttab m5 m6 m7 m8, ///
> cells(b(star fmt(%9.3f)) se(par)) stats(N , fmt(%9.2f %9.0f)) starlevels(* 0.05 ** 0.01 *** 0.001) nonumbers legend ///
>     title("Table 2: Models of Reserve Levels with Monthly Elections") ///
>     note("Robust Standard Errors") ///
>     label collabels(none) ///
>     order(US10YrYields_AnnAvg preelec_share c.preelec_share#c.US10YrYields_AnnAvg ///
>           preelec_share2 c.preelec_share2#c.US10YrYields_AnnAvg postelec_share postelec_share L.deltaReserves_Imports) ///
>     keep(US10YrYields_AnnAvg preelec_share c.preelec_share#c.US10YrYields_AnnAvg ///
>          preelec_share2 c.preelec_share2#c.US10YrYields_AnnAvg postelec_share postelec_share L.deltaReserves_Imports) 
{res}
{txt}Table 2: Models of Reserve Levels with Monthly Elections
{txt}{hline 84}
{txt}                         Reserves        Reserves        Reserves        Reserves   
{txt}{hline 84}
{txt}USrates             {res}       -0.234*         -0.203*         -0.237**        -0.196*  {txt}
                    {res}      (0.091)         (0.095)         (0.091)         (0.093)   {txt}
{txt}ElectionMonths      {res}       -0.246           0.437                                   {txt}
                    {res}      (0.130)         (0.339)                                   {txt}
{txt}ElectionMonths # U~s{res}                       -0.207*                                  {txt}
                    {res}                      (0.103)                                   {txt}
{txt}ElectionHybrid      {res}                                       -0.283**         0.271   {txt}
                    {res}                                      (0.097)         (0.267)   {txt}
{txt}ElectionHybrid # U~s{res}                                                       -0.170*  {txt}
                    {res}                                                      (0.082)   {txt}
{txt}PostElectionMonths  {res}        0.129           0.127           0.113           0.118   {txt}
                    {res}      (0.196)         (0.195)         (0.192)         (0.192)   {txt}
{txt}L.Reserves          {res}       -0.168**        -0.168**        -0.170**        -0.170** {txt}
                    {res}      (0.056)         (0.056)         (0.056)         (0.057)   {txt}
{txt}{hline 84}
{txt}N                   {res}       700.00          700.00          700.00          700.00   {txt}
{txt}{hline 84}
{txt}Robust Standard Errors
{txt}* p<0.05, ** p<0.01, *** p<0.001

{com}. 
. 
.         
. ************************************************************************************************************************************************************
. *Marginal Effects
. 
. *Figure 1: Model 4 Adj ME Plot
. regress deltaReserves_Imports c.ElectionPeriod##c.US10YrYields_AnnAvg ElectionYear l.deltaReserves_Imports l.GDPpcap l.GDPgrowth l.ny_gdp_totl_rt_zs l.CurrAcctBal_PerGDP l.ExtDebtStocks_PerGNI l.DebtService_PerGDP l.Inflation_annGDPdeflator l.PegBandManaged_NoUnion l.lvaw_garriga l.Taxes_PerGDP l.BestCRtg l.cyrs l.dyrs l.v2x_polyarchy l.Left i.country_num c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}       700
                                                {txt}{help j_robustsingular:F(70, 627) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1061
                                                {txt}Root MSE          =    {res} 1.0746

{txt}{hline 39}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 40}{c |}{col 52}    Robust
{col 1}                 deltaReserves_Imports{col 40}{c |}      Coef.{col 52}   Std. Err.{col 64}      t{col 72}   P>|t|{col 80}     [95% Con{col 93}f. Interval]
{hline 39}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 24}ElectionPeriod {c |}{col 40}{res}{space 2} .3794194{col 52}{space 2} .2390909{col 63}{space 1}    1.59{col 72}{space 3}0.113{col 80}{space 4}-.0900965{col 93}{space 3} .8489353
{txt}{space 19}US10YrYields_AnnAvg {c |}{col 40}{res}{space 2} -.192287{col 52}{space 2} .0943552{col 63}{space 1}   -2.04{col 72}{space 3}0.042{col 80}{space 4}-.3775776{col 93}{space 3}-.0069965
{txt}{space 38} {c |}
c.ElectionPeriod#c.US10YrYields_AnnAvg {c |}{col 40}{res}{space 2}-.1835379{col 52}{space 2} .0723319{col 63}{space 1}   -2.54{col 72}{space 3}0.011{col 80}{space 4}  -.32558{col 93}{space 3}-.0414959
{txt}{space 38} {c |}
{space 26}ElectionYear {c |}{col 40}{res}{space 2} .1625519{col 52}{space 2} .1303701{col 63}{space 1}    1.25{col 72}{space 3}0.213{col 80}{space 4} -.093463{col 93}{space 3} .4185667
{txt}{space 38} {c |}
{space 17}deltaReserves_Imports {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.1683853{col 52}{space 2} .0567362{col 63}{space 1}   -2.97{col 72}{space 3}0.003{col 80}{space 4}-.2798013{col 93}{space 3}-.0569693
{txt}{space 38} {c |}
{space 31}GDPpcap {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0000956{col 52}{space 2} .0000587{col 63}{space 1}    1.63{col 72}{space 3}0.104{col 80}{space 4}-.0000197{col 93}{space 3} .0002108
{txt}{space 38} {c |}
{space 29}GDPgrowth {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0057915{col 52}{space 2} .0177405{col 63}{space 1}    0.33{col 72}{space 3}0.744{col 80}{space 4}-.0290465{col 93}{space 3} .0406295
{txt}{space 38} {c |}
{space 21}ny_gdp_totl_rt_zs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0119801{col 52}{space 2} .0205301{col 63}{space 1}   -0.58{col 72}{space 3}0.560{col 80}{space 4}-.0522961{col 93}{space 3}  .028336
{txt}{space 38} {c |}
{space 20}CurrAcctBal_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0022513{col 52}{space 2} .0079043{col 63}{space 1}    0.28{col 72}{space 3}0.776{col 80}{space 4}-.0132708{col 93}{space 3} .0177734
{txt}{space 38} {c |}
{space 18}ExtDebtStocks_PerGNI {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0010426{col 52}{space 2} .0011692{col 63}{space 1}   -0.89{col 72}{space 3}0.373{col 80}{space 4}-.0033387{col 93}{space 3} .0012534
{txt}{space 38} {c |}
{space 20}DebtService_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.9433984{col 52}{space 2} 1.169534{col 63}{space 1}   -0.81{col 72}{space 3}0.420{col 80}{space 4}-3.240076{col 93}{space 3} 1.353279
{txt}{space 38} {c |}
{space 14}Inflation_annGDPdeflator {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0111616{col 52}{space 2} .0075663{col 63}{space 1}    1.48{col 72}{space 3}0.141{col 80}{space 4}-.0036968{col 93}{space 3}   .02602
{txt}{space 38} {c |}
{space 16}PegBandManaged_NoUnion {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .1832435{col 52}{space 2} .1648495{col 63}{space 1}    1.11{col 72}{space 3}0.267{col 80}{space 4}-.1404805{col 93}{space 3} .5069674
{txt}{space 38} {c |}
{space 26}lvaw_garriga {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.4323541{col 52}{space 2} .6031428{col 63}{space 1}   -0.72{col 72}{space 3}0.474{col 80}{space 4}-1.616779{col 93}{space 3} .7520704
{txt}{space 38} {c |}
{space 26}Taxes_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} 4.811156{col 52}{space 2} 2.322376{col 63}{space 1}    2.07{col 72}{space 3}0.039{col 80}{space 4} .2505784{col 93}{space 3} 9.371733
{txt}{space 38} {c |}
{space 30}BestCRtg {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}  .056198{col 52}{space 2} .0301544{col 63}{space 1}    1.86{col 72}{space 3}0.063{col 80}{space 4}-.0030178{col 93}{space 3} .1154139
{txt}{space 38} {c |}
{space 34}cyrs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0134074{col 52}{space 2} .0134228{col 63}{space 1}    1.00{col 72}{space 3}0.318{col 80}{space 4}-.0129516{col 93}{space 3} .0397664
{txt}{space 38} {c |}
{space 34}dyrs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0198848{col 52}{space 2} .0116364{col 63}{space 1}   -1.71{col 72}{space 3}0.088{col 80}{space 4}-.0427358{col 93}{space 3} .0029662
{txt}{space 38} {c |}
{space 25}v2x_polyarchy {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .6132748{col 52}{space 2} .9504854{col 63}{space 1}    0.65{col 72}{space 3}0.519{col 80}{space 4}-1.253245{col 93}{space 3} 2.479795
{txt}{space 38} {c |}
{space 31}LeftGov {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0610857{col 52}{space 2} .1206389{col 63}{space 1}   -0.51{col 72}{space 3}0.613{col 80}{space 4}-.2979908{col 93}{space 3} .1758195
{txt}{space 38} {c |}
{space 27}country_num {c |}
{space 34}ARG  {c |}{col 40}{res}{space 2}-1.294414{col 52}{space 2} .6801944{col 63}{space 1}   -1.90{col 72}{space 3}0.057{col 80}{space 4}-2.630149{col 93}{space 3} .0413207
{txt}{space 34}ARM  {c |}{col 40}{res}{space 2}-.0425544{col 52}{space 2} .3019712{col 63}{space 1}   -0.14{col 72}{space 3}0.888{col 80}{space 4}-.6355518{col 93}{space 3}  .550443
{txt}{space 34}BGD  {c |}{col 40}{res}{space 2} .1974733{col 52}{space 2} .4987269{col 63}{space 1}    0.40{col 72}{space 3}0.692{col 80}{space 4} -.781904{col 93}{space 3} 1.176851
{txt}{space 34}BGR  {c |}{col 40}{res}{space 2} .0312461{col 52}{space 2} .4031292{col 63}{space 1}    0.08{col 72}{space 3}0.938{col 80}{space 4}-.7604007{col 93}{space 3}  .822893
{txt}{space 34}BIH  {c |}{col 40}{res}{space 2} .1422084{col 52}{space 2} .3326583{col 63}{space 1}    0.43{col 72}{space 3}0.669{col 80}{space 4}-.5110509{col 93}{space 3} .7954676
{txt}{space 34}BRA  {c |}{col 40}{res}{space 2}-.4853242{col 52}{space 2} .8060287{col 63}{space 1}   -0.60{col 72}{space 3}0.547{col 80}{space 4}-2.068167{col 93}{space 3} 1.097518
{txt}{space 34}BWA  {c |}{col 40}{res}{space 2}-.9792093{col 52}{space 2} .7652648{col 63}{space 1}   -1.28{col 72}{space 3}0.201{col 80}{space 4}-2.482002{col 93}{space 3} .5235831
{txt}{space 34}DOM  {c |}{col 40}{res}{space 2} .1314657{col 52}{space 2} .3285879{col 63}{space 1}    0.40{col 72}{space 3}0.689{col 80}{space 4}-.5138004{col 93}{space 3} .7767318
{txt}{space 34}ECU  {c |}{col 40}{res}{space 2} .0556457{col 52}{space 2} .3914122{col 63}{space 1}    0.14{col 72}{space 3}0.887{col 80}{space 4}-.7129919{col 93}{space 3} .8242833
{txt}{space 34}GEO  {c |}{col 40}{res}{space 2}  .043162{col 52}{space 2} .2988344{col 63}{space 1}    0.14{col 72}{space 3}0.885{col 80}{space 4}-.5436755{col 93}{space 3} .6299994
{txt}{space 34}GHA  {c |}{col 40}{res}{space 2} .3662163{col 52}{space 2}  .543889{col 63}{space 1}    0.67{col 72}{space 3}0.501{col 80}{space 4}-.7018483{col 93}{space 3} 1.434281
{txt}{space 34}GMB  {c |}{col 40}{res}{space 2} 1.269376{col 52}{space 2}  .599357{col 63}{space 1}    2.12{col 72}{space 3}0.035{col 80}{space 4} .0923865{col 93}{space 3} 2.446367
{txt}{space 34}GTM  {c |}{col 40}{res}{space 2} .8396234{col 52}{space 2} .3319864{col 63}{space 1}    2.53{col 72}{space 3}0.012{col 80}{space 4} .1876837{col 93}{space 3} 1.491563
{txt}{space 34}HND  {c |}{col 40}{res}{space 2}-.1839714{col 52}{space 2} .2974942{col 63}{space 1}   -0.62{col 72}{space 3}0.537{col 80}{space 4} -.768177{col 93}{space 3} .4002343
{txt}{space 34}HTI  {c |}{col 40}{res}{space 2} .7741429{col 52}{space 2} .6201671{col 63}{space 1}    1.25{col 72}{space 3}0.212{col 80}{space 4}-.4437131{col 93}{space 3} 1.991999
{txt}{space 34}IDN  {c |}{col 40}{res}{space 2} .4484658{col 52}{space 2} .4397973{col 63}{space 1}    1.02{col 72}{space 3}0.308{col 80}{space 4}-.4151883{col 93}{space 3}  1.31212
{txt}{space 34}IND  {c |}{col 40}{res}{space 2} .4750586{col 52}{space 2} .6896112{col 63}{space 1}    0.69{col 72}{space 3}0.491{col 80}{space 4}-.8791686{col 93}{space 3} 1.829286
{txt}{space 34}JAM  {c |}{col 40}{res}{space 2}-.3739238{col 52}{space 2} .5104274{col 63}{space 1}   -0.73{col 72}{space 3}0.464{col 80}{space 4}-1.376278{col 93}{space 3} .6284304
{txt}{space 34}KEN  {c |}{col 40}{res}{space 2} .3370033{col 52}{space 2}  .352664{col 63}{space 1}    0.96{col 72}{space 3}0.340{col 80}{space 4}-.3555423{col 93}{space 3} 1.029549
{txt}{space 34}KGZ  {c |}{col 40}{res}{space 2} .1260915{col 52}{space 2} .3624499{col 63}{space 1}    0.35{col 72}{space 3}0.728{col 80}{space 4}-.5856712{col 93}{space 3} .8378542
{txt}{space 34}LBN  {c |}{col 40}{res}{space 2} .6653109{col 52}{space 2} .6021402{col 63}{space 1}    1.10{col 72}{space 3}0.270{col 80}{space 4}-.5171448{col 93}{space 3} 1.847766
{txt}{space 34}LBR  {c |}{col 40}{res}{space 2} .8318603{col 52}{space 2} .6093185{col 63}{space 1}    1.37{col 72}{space 3}0.173{col 80}{space 4}-.3646918{col 93}{space 3} 2.028412
{txt}{space 34}LKA  {c |}{col 40}{res}{space 2}  .001135{col 52}{space 2} .3938389{col 63}{space 1}    0.00{col 72}{space 3}0.998{col 80}{space 4} -.772268{col 93}{space 3}  .774538
{txt}{space 34}LSO  {c |}{col 40}{res}{space 2}-.7858342{col 52}{space 2} .7147753{col 63}{space 1}   -1.10{col 72}{space 3}0.272{col 80}{space 4}-2.189478{col 93}{space 3} .6178092
{txt}{space 34}MDA  {c |}{col 40}{res}{space 2} .0049124{col 52}{space 2} .2567391{col 63}{space 1}    0.02{col 72}{space 3}0.985{col 80}{space 4}-.4992603{col 93}{space 3}  .509085
{txt}{space 34}MDG  {c |}{col 40}{res}{space 2} .5533826{col 52}{space 2} .4418145{col 63}{space 1}    1.25{col 72}{space 3}0.211{col 80}{space 4}-.3142326{col 93}{space 3} 1.420998
{txt}{space 34}MNG  {c |}{col 40}{res}{space 2}  .055646{col 52}{space 2} .5012102{col 63}{space 1}    0.11{col 72}{space 3}0.912{col 80}{space 4}-.9286079{col 93}{space 3}   1.0399
{txt}{space 34}MOZ  {c |}{col 40}{res}{space 2} .3670698{col 52}{space 2} .5933713{col 63}{space 1}    0.62{col 72}{space 3}0.536{col 80}{space 4}-.7981659{col 93}{space 3} 1.532305
{txt}{space 34}MRT  {c |}{col 40}{res}{space 2} 1.510248{col 52}{space 2} .6010296{col 63}{space 1}    2.51{col 72}{space 3}0.012{col 80}{space 4} .3299731{col 93}{space 3} 2.690522
{txt}{space 34}MUS  {c |}{col 40}{res}{space 2}-.3685773{col 52}{space 2} .5658939{col 63}{space 1}   -0.65{col 72}{space 3}0.515{col 80}{space 4}-1.479854{col 93}{space 3} .7426995
{txt}{space 34}MWI  {c |}{col 40}{res}{space 2}  .159606{col 52}{space 2}  .452823{col 63}{space 1}    0.35{col 72}{space 3}0.725{col 80}{space 4}-.7296274{col 93}{space 3} 1.048839
{txt}{space 34}NIC  {c |}{col 40}{res}{space 2}  .570653{col 52}{space 2} .3388786{col 63}{space 1}    1.68{col 72}{space 3}0.093{col 80}{space 4}-.0948215{col 93}{space 3} 1.236128
{txt}{space 34}NPL  {c |}{col 40}{res}{space 2}-.0077277{col 52}{space 2} .7695632{col 63}{space 1}   -0.01{col 72}{space 3}0.992{col 80}{space 4}-1.518961{col 93}{space 3} 1.503506
{txt}{space 34}PAK  {c |}{col 40}{res}{space 2} .0144289{col 52}{space 2} .6543713{col 63}{space 1}    0.02{col 72}{space 3}0.982{col 80}{space 4}-1.270596{col 93}{space 3} 1.299454
{txt}{space 34}PAN  {c |}{col 40}{res}{space 2}-.7065794{col 52}{space 2} .7595913{col 63}{space 1}   -0.93{col 72}{space 3}0.353{col 80}{space 4} -2.19823{col 93}{space 3} .7850715
{txt}{space 34}PER  {c |}{col 40}{res}{space 2} .2330037{col 52}{space 2} .5039389{col 63}{space 1}    0.46{col 72}{space 3}0.644{col 80}{space 4}-.7566087{col 93}{space 3} 1.222616
{txt}{space 34}PHL  {c |}{col 40}{res}{space 2} .5979803{col 52}{space 2} .4172905{col 63}{space 1}    1.43{col 72}{space 3}0.152{col 80}{space 4} -.221476{col 93}{space 3} 1.417437
{txt}{space 34}PNG  {c |}{col 40}{res}{space 2} .5469278{col 52}{space 2} .5542409{col 63}{space 1}    0.99{col 72}{space 3}0.324{col 80}{space 4}-.5414654{col 93}{space 3} 1.635321
{txt}{space 34}PRY  {c |}{col 40}{res}{space 2} .4167326{col 52}{space 2} .4105519{col 63}{space 1}    1.02{col 72}{space 3}0.310{col 80}{space 4}-.3894907{col 93}{space 3} 1.222956
{txt}{space 34}ROU  {c |}{col 40}{res}{space 2}-.1989381{col 52}{space 2}  .430799{col 63}{space 1}   -0.46{col 72}{space 3}0.644{col 80}{space 4}-1.044922{col 93}{space 3} .6470455
{txt}{space 34}SLE  {c |}{col 40}{res}{space 2} .7077446{col 52}{space 2} .4864003{col 63}{space 1}    1.46{col 72}{space 3}0.146{col 80}{space 4}-.2474263{col 93}{space 3} 1.662916
{txt}{space 34}SLV  {c |}{col 40}{res}{space 2} .2334113{col 52}{space 2} .2963537{col 63}{space 1}    0.79{col 72}{space 3}0.431{col 80}{space 4}-.3485547{col 93}{space 3} .8153773
{txt}{space 34}THA  {c |}{col 40}{res}{space 2}-.4556675{col 52}{space 2} .5471779{col 63}{space 1}   -0.83{col 72}{space 3}0.405{col 80}{space 4}-1.530191{col 93}{space 3} .6188557
{txt}{space 34}TLS  {c |}{col 40}{res}{space 2} 2.380668{col 52}{space 2} 2.005239{col 63}{space 1}    1.19{col 72}{space 3}0.236{col 80}{space 4}-1.557129{col 93}{space 3} 6.318466
{txt}{space 34}TUN  {c |}{col 40}{res}{space 2}-.2924956{col 52}{space 2} .6646133{col 63}{space 1}   -0.44{col 72}{space 3}0.660{col 80}{space 4}-1.597633{col 93}{space 3} 1.012642
{txt}{space 34}TZA  {c |}{col 40}{res}{space 2} .2864639{col 52}{space 2} .4720497{col 63}{space 1}    0.61{col 72}{space 3}0.544{col 80}{space 4} -.640526{col 93}{space 3} 1.213454
{txt}{space 34}UKR  {c |}{col 40}{res}{space 2}-.2911673{col 52}{space 2} .4404147{col 63}{space 1}   -0.66{col 72}{space 3}0.509{col 80}{space 4}-1.156034{col 93}{space 3} .5736992
{txt}{space 34}ZAF  {c |}{col 40}{res}{space 2}-.2804164{col 52}{space 2} .5953454{col 63}{space 1}   -0.47{col 72}{space 3}0.638{col 80}{space 4}-1.449529{col 93}{space 3}  .888696
{txt}{space 34}ZMB  {c |}{col 40}{res}{space 2} .2499878{col 52}{space 2} .5391143{col 63}{space 1}    0.46{col 72}{space 3}0.643{col 80}{space 4}-.8087005{col 93}{space 3} 1.308676
{txt}{space 38} {c |}
{space 34}year {c |}{col 40}{res}{space 2} .1478727{col 52}{space 2} .0581677{col 63}{space 1}    2.54{col 72}{space 3}0.011{col 80}{space 4} .0336456{col 93}{space 3} .2620998
{txt}{space 19}GlobalReserveLevels {c |}{col 40}{res}{space 2} 2.29e-11{col 52}{space 2} 8.87e-12{col 63}{space 1}    2.58{col 72}{space 3}0.010{col 80}{space 4} 5.46e-12{col 93}{space 3} 4.03e-11
{txt}{space 38} {c |}
{space 10}c.year#c.GlobalReserveLevels {c |}{col 40}{res}{space 2}-1.15e-14{col 52}{space 2} 4.43e-15{col 63}{space 1}   -2.59{col 72}{space 3}0.010{col 80}{space 4}-2.02e-14{col 93}{space 3}-2.79e-15
{txt}{space 38} {c |}
{space 33}_cons {c |}{col 40}{res}{space 2}-296.6319{col 52}{space 2} 116.4123{col 63}{space 1}   -2.55{col 72}{space 3}0.011{col 80}{space 4}-525.2371{col 93}{space 3}-68.02668
{txt}{hline 39}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. margins, dydx(ElectionPeriod) at(US10YrYields_AnnAvg=(.8(.25)6.0)) level(95)
{res}
{txt}Average marginal effects{col 49}Number of obs{col 67}= {res}       700
{txt}Model VCE{col 14}: {res}Robust

{txt}{p2colset 1 14 16 2}{...}
{p2col:Expression}:{space 1}{res:Linear prediction, predict()}{p_end}
{p2colreset}{...}
{txt}{p2colset 1 14 16 2}{...}
{p2col:dy/dx w.r.t.}:{space 1}{res:ElectionPeriod}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:1._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 9}.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:2._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}1.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:3._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}1.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:4._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}1.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:5._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}1.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:6._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}2.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:7._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}2.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:8._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}2.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:9._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}2.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:10._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}3.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:11._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}3.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:12._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}3.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:13._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}3.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:14._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}4.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:15._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}4.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:16._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}4.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:17._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}4.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:18._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}5.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:19._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}5.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:20._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}5.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:21._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}5.8}{p_end}
{p2colreset}{...}

{res}{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 16}{c |}{col 28} Delta-method
{col 16}{c |}      dy/dx{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}ElectionPeriod {txt}{c |}
{space 11}_at {c |}
{space 12}1  {c |}{col 16}{res}{space 2}  .232589{col 28}{space 2}  .188769{col 39}{space 1}    1.23{col 48}{space 3}0.218{col 56}{space 4} -.138107{col 69}{space 3} .6032851
{txt}{space 12}2  {c |}{col 16}{res}{space 2} .1867046{col 28}{space 2} .1740079{col 39}{space 1}    1.07{col 48}{space 3}0.284{col 56}{space 4}-.1550043{col 69}{space 3} .5284134
{txt}{space 12}3  {c |}{col 16}{res}{space 2} .1408201{col 28}{space 2} .1599305{col 39}{space 1}    0.88{col 48}{space 3}0.379{col 56}{space 4}-.1732442{col 69}{space 3} .4548844
{txt}{space 12}4  {c |}{col 16}{res}{space 2} .0949356{col 28}{space 2} .1467336{col 39}{space 1}    0.65{col 48}{space 3}0.518{col 56}{space 4}-.1932133{col 69}{space 3} .3830845
{txt}{space 12}5  {c |}{col 16}{res}{space 2} .0490511{col 28}{space 2} .1346764{col 39}{space 1}    0.36{col 48}{space 3}0.716{col 56}{space 4}-.2154204{col 69}{space 3} .3135226
{txt}{space 12}6  {c |}{col 16}{res}{space 2} .0031666{col 28}{space 2} .1240915{col 39}{space 1}    0.03{col 48}{space 3}0.980{col 56}{space 4}-.2405187{col 69}{space 3}  .246852
{txt}{space 12}7  {c |}{col 16}{res}{space 2}-.0427179{col 28}{space 2} .1153849{col 39}{space 1}   -0.37{col 48}{space 3}0.711{col 56}{space 4}-.2693055{col 69}{space 3} .1838697
{txt}{space 12}8  {c |}{col 16}{res}{space 2}-.0886023{col 28}{space 2} .1090074{col 39}{space 1}   -0.81{col 48}{space 3}0.417{col 56}{space 4}-.3026661{col 69}{space 3} .1254614
{txt}{space 12}9  {c |}{col 16}{res}{space 2}-.1344868{col 28}{space 2} .1053828{col 39}{space 1}   -1.28{col 48}{space 3}0.202{col 56}{space 4}-.3414329{col 69}{space 3} .0724592
{txt}{space 11}10  {c |}{col 16}{res}{space 2}-.1803713{col 28}{space 2} .1047973{col 39}{space 1}   -1.72{col 48}{space 3}0.086{col 56}{space 4}-.3861674{col 69}{space 3} .0254248
{txt}{space 11}11  {c |}{col 16}{res}{space 2}-.2262558{col 28}{space 2} .1073004{col 39}{space 1}   -2.11{col 48}{space 3}0.035{col 56}{space 4}-.4369674{col 69}{space 3}-.0155442
{txt}{space 11}12  {c |}{col 16}{res}{space 2}-.2721403{col 28}{space 2} .1126866{col 39}{space 1}   -2.42{col 48}{space 3}0.016{col 56}{space 4}-.4934291{col 69}{space 3}-.0508515
{txt}{space 11}13  {c |}{col 16}{res}{space 2}-.3180248{col 28}{space 2} .1205701{col 39}{space 1}   -2.64{col 48}{space 3}0.009{col 56}{space 4}-.5547949{col 69}{space 3}-.0812547
{txt}{space 11}14  {c |}{col 16}{res}{space 2}-.3639093{col 28}{space 2} .1304991{col 39}{space 1}   -2.79{col 48}{space 3}0.005{col 56}{space 4}-.6201775{col 69}{space 3}-.1076411
{txt}{space 11}15  {c |}{col 16}{res}{space 2}-.4097938{col 28}{space 2} .1420453{col 39}{space 1}   -2.88{col 48}{space 3}0.004{col 56}{space 4} -.688736{col 69}{space 3}-.1308516
{txt}{space 11}16  {c |}{col 16}{res}{space 2}-.4556783{col 28}{space 2} .1548474{col 39}{space 1}   -2.94{col 48}{space 3}0.003{col 56}{space 4}-.7597606{col 69}{space 3} -.151596
{txt}{space 11}17  {c |}{col 16}{res}{space 2}-.5015628{col 28}{space 2} .1686195{col 39}{space 1}   -2.97{col 48}{space 3}0.003{col 56}{space 4}-.8326902{col 69}{space 3}-.1704353
{txt}{space 11}18  {c |}{col 16}{res}{space 2}-.5474472{col 28}{space 2}  .183143{col 39}{space 1}   -2.99{col 48}{space 3}0.003{col 56}{space 4}-.9070952{col 69}{space 3}-.1877993
{txt}{space 11}19  {c |}{col 16}{res}{space 2}-.5933317{col 28}{space 2} .1982528{col 39}{space 1}   -2.99{col 48}{space 3}0.003{col 56}{space 4}-.9826516{col 69}{space 3}-.2040119
{txt}{space 11}20  {c |}{col 16}{res}{space 2}-.6392162{col 28}{space 2} .2138246{col 39}{space 1}   -2.99{col 48}{space 3}0.003{col 56}{space 4}-1.059115{col 69}{space 3}-.2193171
{txt}{space 11}21  {c |}{col 16}{res}{space 2}-.6851007{col 28}{space 2} .2297646{col 39}{space 1}   -2.98{col 48}{space 3}0.003{col 56}{space 4}-1.136302{col 69}{space 3}-.2338995
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. marginsplot, noseparator yline(0, lc(black) lpattern(solid)) xscale(lstyle(none)) xlabel(1(1)5) recast(line) plot1opts(lpattern(dot)) recastci(rarea) ciopt(color(black%20)) ///
> title("Figure 1: Predicted Effect of Election Periods on Reserve Levels (Model 4)", size (mediumsmall)) subtitle("by US Interest Rates", size (small)) ///
> note("95% confidence intervals", size(small)) ///
> ytitle("Marginal Effect of Election on Reserves") xtitle("US Rates")
{res}
{text}{p 2 6 2}Variables that uniquely identify margins: US10YrYields_AnnAvg{p_end}
{p 0 4 2}
{txt}(note:  named style
mediumsmall not found in class
gsize,  default attributes used)
{p_end}
{res}{txt}
{com}. 
. *Figure 5: Model 6 Adj ME Plot
. regress deltaReserves_Imports c.preelec_share##c.US10YrYields_AnnAvg postelec_share l.deltaReserves_Imports l.GDPpcap l.GDPgrowth l.ny_gdp_totl_rt_zs l.CurrAcctBal_PerGDP l.ExtDebtStocks_PerGNI l.DebtService_PerGDP l.Inflation_annGDPdeflator l.PegBandManaged_NoUnion l.lvaw_garriga l.Taxes_PerGDP l.BestCRtg l.cyrs l.dyrs l.v2x_polyarchy l.Left i.country_num c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}       700
                                                {txt}{help j_robustsingular:F(70, 627) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1015
                                                {txt}Root MSE          =    {res} 1.0773

{txt}{hline 38}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 39}{c |}{col 51}    Robust
{col 1}                deltaReserves_Imports{col 39}{c |}      Coef.{col 51}   Std. Err.{col 63}      t{col 71}   P>|t|{col 79}     [95% Con{col 92}f. Interval]
{hline 38}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 24}preelec_share {c |}{col 39}{res}{space 2} .4366485{col 51}{space 2} .3388214{col 62}{space 1}    1.29{col 71}{space 3}0.198{col 79}{space 4}-.2287136{col 92}{space 3} 1.102011
{txt}{space 18}US10YrYields_AnnAvg {c |}{col 39}{res}{space 2}-.2029482{col 51}{space 2} .0946524{col 62}{space 1}   -2.14{col 71}{space 3}0.032{col 79}{space 4}-.3888222{col 92}{space 3}-.0170742
{txt}{space 37} {c |}
c.preelec_share#c.US10YrYields_AnnAvg {c |}{col 39}{res}{space 2}-.2073759{col 51}{space 2} .1028889{col 62}{space 1}   -2.02{col 71}{space 3}0.044{col 79}{space 4}-.4094244{col 92}{space 3}-.0053274
{txt}{space 37} {c |}
{space 23}postelec_share {c |}{col 39}{res}{space 2} .1267005{col 51}{space 2} .1948177{col 62}{space 1}    0.65{col 71}{space 3}0.516{col 79}{space 4}-.2558736{col 92}{space 3} .5092747
{txt}{space 37} {c |}
{space 16}deltaReserves_Imports {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-.1683585{col 51}{space 2} .0563006{col 62}{space 1}   -2.99{col 71}{space 3}0.003{col 79}{space 4}-.2789191{col 92}{space 3}-.0577978
{txt}{space 37} {c |}
{space 30}GDPpcap {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0000843{col 51}{space 2} .0000595{col 62}{space 1}    1.42{col 71}{space 3}0.157{col 79}{space 4}-.0000326{col 92}{space 3} .0002013
{txt}{space 37} {c |}
{space 28}GDPgrowth {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0044266{col 51}{space 2} .0176828{col 62}{space 1}    0.25{col 71}{space 3}0.802{col 79}{space 4}-.0302981{col 92}{space 3} .0391514
{txt}{space 37} {c |}
{space 20}ny_gdp_totl_rt_zs {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} -.011701{col 51}{space 2} .0203668{col 62}{space 1}   -0.57{col 71}{space 3}0.566{col 79}{space 4}-.0516965{col 92}{space 3} .0282944
{txt}{space 37} {c |}
{space 19}CurrAcctBal_PerGDP {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0019101{col 51}{space 2} .0079358{col 62}{space 1}    0.24{col 71}{space 3}0.810{col 79}{space 4}-.0136739{col 92}{space 3}  .017494
{txt}{space 37} {c |}
{space 17}ExtDebtStocks_PerGNI {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-.0008703{col 51}{space 2} .0011835{col 62}{space 1}   -0.74{col 71}{space 3}0.462{col 79}{space 4}-.0031945{col 92}{space 3} .0014539
{txt}{space 37} {c |}
{space 19}DebtService_PerGDP {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-1.182551{col 51}{space 2} 1.221294{col 62}{space 1}   -0.97{col 71}{space 3}0.333{col 79}{space 4}-3.580873{col 92}{space 3} 1.215772
{txt}{space 37} {c |}
{space 13}Inflation_annGDPdeflator {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0115756{col 51}{space 2} .0080616{col 62}{space 1}    1.44{col 71}{space 3}0.152{col 79}{space 4}-.0042554{col 92}{space 3} .0274066
{txt}{space 37} {c |}
{space 15}PegBandManaged_NoUnion {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .1653594{col 51}{space 2} .1644923{col 62}{space 1}    1.01{col 71}{space 3}0.315{col 79}{space 4} -.157663{col 92}{space 3} .4883818
{txt}{space 37} {c |}
{space 25}lvaw_garriga {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-.3554575{col 51}{space 2} .6191858{col 62}{space 1}   -0.57{col 71}{space 3}0.566{col 79}{space 4}-1.571387{col 92}{space 3} .8604716
{txt}{space 37} {c |}
{space 25}Taxes_PerGDP {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} 4.810101{col 51}{space 2} 2.306243{col 62}{space 1}    2.09{col 71}{space 3}0.037{col 79}{space 4} .2812056{col 92}{space 3} 9.338996
{txt}{space 37} {c |}
{space 29}BestCRtg {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0501706{col 51}{space 2} .0294681{col 62}{space 1}    1.70{col 71}{space 3}0.089{col 79}{space 4}-.0076976{col 92}{space 3} .1080388
{txt}{space 37} {c |}
{space 33}cyrs {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .0110527{col 51}{space 2} .0131991{col 62}{space 1}    0.84{col 71}{space 3}0.403{col 79}{space 4}-.0148671{col 92}{space 3} .0369725
{txt}{space 37} {c |}
{space 33}dyrs {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-.0199258{col 51}{space 2} .0117373{col 62}{space 1}   -1.70{col 71}{space 3}0.090{col 79}{space 4}-.0429751{col 92}{space 3} .0031234
{txt}{space 37} {c |}
{space 24}v2x_polyarchy {c |}
{space 34}L1. {c |}{col 39}{res}{space 2} .5339398{col 51}{space 2} .9380797{col 62}{space 1}    0.57{col 71}{space 3}0.569{col 79}{space 4}-1.308219{col 92}{space 3} 2.376098
{txt}{space 37} {c |}
{space 30}LeftGov {c |}
{space 34}L1. {c |}{col 39}{res}{space 2}-.0537679{col 51}{space 2}  .119561{col 62}{space 1}   -0.45{col 71}{space 3}0.653{col 79}{space 4}-.2885563{col 92}{space 3} .1810205
{txt}{space 37} {c |}
{space 26}country_num {c |}
{space 33}ARG  {c |}{col 39}{res}{space 2}-1.213266{col 51}{space 2}  .693926{col 62}{space 1}   -1.75{col 71}{space 3}0.081{col 79}{space 4}-2.575966{col 92}{space 3} .1494345
{txt}{space 33}ARM  {c |}{col 39}{res}{space 2}-.0209868{col 51}{space 2} .2998161{col 62}{space 1}   -0.07{col 71}{space 3}0.944{col 79}{space 4}-.6097521{col 92}{space 3} .5677785
{txt}{space 33}BGD  {c |}{col 39}{res}{space 2} .2057461{col 51}{space 2} .5174609{col 62}{space 1}    0.40{col 71}{space 3}0.691{col 79}{space 4}-.8104201{col 92}{space 3} 1.221912
{txt}{space 33}BGR  {c |}{col 39}{res}{space 2} .0229715{col 51}{space 2} .4035606{col 62}{space 1}    0.06{col 71}{space 3}0.955{col 79}{space 4}-.7695225{col 92}{space 3} .8154655
{txt}{space 33}BIH  {c |}{col 39}{res}{space 2}  .108011{col 51}{space 2} .3321472{col 62}{space 1}    0.33{col 71}{space 3}0.745{col 79}{space 4}-.5442447{col 92}{space 3} .7602667
{txt}{space 33}BRA  {c |}{col 39}{res}{space 2}-.4185002{col 51}{space 2} .8128423{col 62}{space 1}   -0.51{col 71}{space 3}0.607{col 79}{space 4}-2.014723{col 92}{space 3} 1.177723
{txt}{space 33}BWA  {c |}{col 39}{res}{space 2}-.9676368{col 51}{space 2} .7684775{col 62}{space 1}   -1.26{col 71}{space 3}0.208{col 79}{space 4}-2.476738{col 92}{space 3} .5414645
{txt}{space 33}DOM  {c |}{col 39}{res}{space 2}  .148815{col 51}{space 2} .3294122{col 62}{space 1}    0.45{col 71}{space 3}0.652{col 79}{space 4}-.4980697{col 92}{space 3} .7956998
{txt}{space 33}ECU  {c |}{col 39}{res}{space 2} .0740212{col 51}{space 2} .3894347{col 62}{space 1}    0.19{col 71}{space 3}0.849{col 79}{space 4} -.690733{col 92}{space 3} .8387754
{txt}{space 33}GEO  {c |}{col 39}{res}{space 2}  .033699{col 51}{space 2} .3015082{col 62}{space 1}    0.11{col 71}{space 3}0.911{col 79}{space 4}-.5583892{col 92}{space 3} .6257872
{txt}{space 33}GHA  {c |}{col 39}{res}{space 2} .3478607{col 51}{space 2} .5375603{col 62}{space 1}    0.65{col 71}{space 3}0.518{col 79}{space 4}-.7077758{col 92}{space 3} 1.403497
{txt}{space 33}GMB  {c |}{col 39}{res}{space 2} 1.238379{col 51}{space 2} .5939797{col 62}{space 1}    2.08{col 71}{space 3}0.037{col 79}{space 4} .0719486{col 92}{space 3} 2.404809
{txt}{space 33}GTM  {c |}{col 39}{res}{space 2} .8163339{col 51}{space 2} .3344277{col 62}{space 1}    2.44{col 71}{space 3}0.015{col 79}{space 4} .1595999{col 92}{space 3} 1.473068
{txt}{space 33}HND  {c |}{col 39}{res}{space 2}-.1483982{col 51}{space 2} .3046725{col 62}{space 1}   -0.49{col 71}{space 3}0.626{col 79}{space 4}-.7467003{col 92}{space 3} .4499039
{txt}{space 33}HTI  {c |}{col 39}{res}{space 2} .7446397{col 51}{space 2} .6142129{col 62}{space 1}    1.21{col 71}{space 3}0.226{col 79}{space 4}-.4615238{col 92}{space 3} 1.950803
{txt}{space 33}IDN  {c |}{col 39}{res}{space 2} .4227043{col 51}{space 2} .4399636{col 62}{space 1}    0.96{col 71}{space 3}0.337{col 79}{space 4}-.4412762{col 92}{space 3} 1.286685
{txt}{space 33}IND  {c |}{col 39}{res}{space 2} .4772102{col 51}{space 2} .6891589{col 62}{space 1}    0.69{col 71}{space 3}0.489{col 79}{space 4}-.8761289{col 92}{space 3} 1.830549
{txt}{space 33}JAM  {c |}{col 39}{res}{space 2}-.3270937{col 51}{space 2} .5003074{col 62}{space 1}   -0.65{col 71}{space 3}0.513{col 79}{space 4}-1.309575{col 92}{space 3} .6553873
{txt}{space 33}KEN  {c |}{col 39}{res}{space 2} .3198563{col 51}{space 2} .3529634{col 62}{space 1}    0.91{col 71}{space 3}0.365{col 79}{space 4}-.3732772{col 92}{space 3}  1.01299
{txt}{space 33}KGZ  {c |}{col 39}{res}{space 2}  .108895{col 51}{space 2} .3628119{col 62}{space 1}    0.30{col 71}{space 3}0.764{col 79}{space 4}-.6035786{col 92}{space 3} .8213686
{txt}{space 33}LBN  {c |}{col 39}{res}{space 2} .7449173{col 51}{space 2} .6148318{col 62}{space 1}    1.21{col 71}{space 3}0.226{col 79}{space 4}-.4624616{col 92}{space 3} 1.952296
{txt}{space 33}LBR  {c |}{col 39}{res}{space 2} .8278988{col 51}{space 2} .6040667{col 62}{space 1}    1.37{col 71}{space 3}0.171{col 79}{space 4}-.3583402{col 92}{space 3} 2.014138
{txt}{space 33}LKA  {c |}{col 39}{res}{space 2} .0717315{col 51}{space 2} .4147675{col 62}{space 1}    0.17{col 71}{space 3}0.863{col 79}{space 4}-.7427702{col 92}{space 3} .8862331
{txt}{space 33}LSO  {c |}{col 39}{res}{space 2}-.8555516{col 51}{space 2} .7089388{col 62}{space 1}   -1.21{col 71}{space 3}0.228{col 79}{space 4}-2.247733{col 92}{space 3} .5366303
{txt}{space 33}MDA  {c |}{col 39}{res}{space 2}-.0133775{col 51}{space 2} .2562141{col 62}{space 1}   -0.05{col 71}{space 3}0.958{col 79}{space 4}-.5165191{col 92}{space 3} .4897641
{txt}{space 33}MDG  {c |}{col 39}{res}{space 2}  .524093{col 51}{space 2} .4421982{col 62}{space 1}    1.19{col 71}{space 3}0.236{col 79}{space 4}-.3442758{col 92}{space 3} 1.392462
{txt}{space 33}MNG  {c |}{col 39}{res}{space 2} .0540482{col 51}{space 2} .4984275{col 62}{space 1}    0.11{col 71}{space 3}0.914{col 79}{space 4}-.9247413{col 92}{space 3} 1.032838
{txt}{space 33}MOZ  {c |}{col 39}{res}{space 2} .3466482{col 51}{space 2} .6044238{col 62}{space 1}    0.57{col 71}{space 3}0.566{col 79}{space 4}-.8402919{col 92}{space 3} 1.533588
{txt}{space 33}MRT  {c |}{col 39}{res}{space 2} 1.506277{col 51}{space 2} .5955504{col 62}{space 1}    2.53{col 71}{space 3}0.012{col 79}{space 4} .3367626{col 92}{space 3} 2.675792
{txt}{space 33}MUS  {c |}{col 39}{res}{space 2} -.289558{col 51}{space 2} .5715454{col 62}{space 1}   -0.51{col 71}{space 3}0.613{col 79}{space 4}-1.411933{col 92}{space 3} .8328169
{txt}{space 33}MWI  {c |}{col 39}{res}{space 2} .1410469{col 51}{space 2}  .451017{col 62}{space 1}    0.31{col 71}{space 3}0.755{col 79}{space 4}-.7446398{col 92}{space 3} 1.026734
{txt}{space 33}NIC  {c |}{col 39}{res}{space 2} .5830798{col 51}{space 2} .3408718{col 62}{space 1}    1.71{col 71}{space 3}0.088{col 79}{space 4}-.0863088{col 92}{space 3} 1.252468
{txt}{space 33}NPL  {c |}{col 39}{res}{space 2} -.089388{col 51}{space 2} .7730447{col 62}{space 1}   -0.12{col 71}{space 3}0.908{col 79}{space 4}-1.607458{col 92}{space 3} 1.428682
{txt}{space 33}PAK  {c |}{col 39}{res}{space 2} .0618021{col 51}{space 2} .6565279{col 62}{space 1}    0.09{col 71}{space 3}0.925{col 79}{space 4}-1.227458{col 92}{space 3} 1.351062
{txt}{space 33}PAN  {c |}{col 39}{res}{space 2}-.5252752{col 51}{space 2} .7736056{col 62}{space 1}   -0.68{col 71}{space 3}0.497{col 79}{space 4}-2.044447{col 92}{space 3} .9938965
{txt}{space 33}PER  {c |}{col 39}{res}{space 2} .2538414{col 51}{space 2} .5038254{col 62}{space 1}    0.50{col 71}{space 3}0.615{col 79}{space 4}-.7355481{col 92}{space 3} 1.243231
{txt}{space 33}PHL  {c |}{col 39}{res}{space 2} .5855175{col 51}{space 2} .4136889{col 62}{space 1}    1.42{col 71}{space 3}0.157{col 79}{space 4}-.2268661{col 92}{space 3} 1.397901
{txt}{space 33}PNG  {c |}{col 39}{res}{space 2} .5101933{col 51}{space 2} .5490955{col 62}{space 1}    0.93{col 71}{space 3}0.353{col 79}{space 4}-.5680955{col 92}{space 3} 1.588482
{txt}{space 33}PRY  {c |}{col 39}{res}{space 2} .4289268{col 51}{space 2} .4097641{col 62}{space 1}    1.05{col 71}{space 3}0.296{col 79}{space 4}-.3757493{col 92}{space 3} 1.233603
{txt}{space 33}ROU  {c |}{col 39}{res}{space 2}-.1791919{col 51}{space 2} .4361786{col 62}{space 1}   -0.41{col 71}{space 3}0.681{col 79}{space 4} -1.03574{col 92}{space 3} .6773559
{txt}{space 33}SLE  {c |}{col 39}{res}{space 2} .6737386{col 51}{space 2} .4841548{col 62}{space 1}    1.39{col 71}{space 3}0.165{col 79}{space 4}-.2770227{col 92}{space 3}   1.6245
{txt}{space 33}SLV  {c |}{col 39}{res}{space 2} .2289955{col 51}{space 2} .2931007{col 62}{space 1}    0.78{col 71}{space 3}0.435{col 79}{space 4}-.3465824{col 92}{space 3} .8045735
{txt}{space 33}THA  {c |}{col 39}{res}{space 2}-.4853678{col 51}{space 2} .5440353{col 62}{space 1}   -0.89{col 71}{space 3}0.373{col 79}{space 4} -1.55372{col 92}{space 3}  .582984
{txt}{space 33}TLS  {c |}{col 39}{res}{space 2} 2.518391{col 51}{space 2} 2.017544{col 62}{space 1}    1.25{col 71}{space 3}0.212{col 79}{space 4}-1.443571{col 92}{space 3} 6.480352
{txt}{space 33}TUN  {c |}{col 39}{res}{space 2}-.1953291{col 51}{space 2} .6671641{col 62}{space 1}   -0.29{col 71}{space 3}0.770{col 79}{space 4}-1.505476{col 92}{space 3} 1.114818
{txt}{space 33}TZA  {c |}{col 39}{res}{space 2} .2974909{col 51}{space 2} .4684646{col 62}{space 1}    0.64{col 71}{space 3}0.526{col 79}{space 4}-.6224587{col 92}{space 3}  1.21744
{txt}{space 33}UKR  {c |}{col 39}{res}{space 2}-.3695069{col 51}{space 2} .4628718{col 62}{space 1}   -0.80{col 71}{space 3}0.425{col 79}{space 4}-1.278474{col 92}{space 3} .5394599
{txt}{space 33}ZAF  {c |}{col 39}{res}{space 2}-.2574508{col 51}{space 2} .5890303{col 62}{space 1}   -0.44{col 71}{space 3}0.662{col 79}{space 4}-1.414162{col 92}{space 3} .8992603
{txt}{space 33}ZMB  {c |}{col 39}{res}{space 2} .2641106{col 51}{space 2} .5358712{col 62}{space 1}    0.49{col 71}{space 3}0.622{col 79}{space 4}-.7882089{col 92}{space 3}  1.31643
{txt}{space 37} {c |}
{space 33}year {c |}{col 39}{res}{space 2} .1368195{col 51}{space 2} .0568303{col 62}{space 1}    2.41{col 71}{space 3}0.016{col 79}{space 4} .0252187{col 92}{space 3} .2484203
{txt}{space 18}GlobalReserveLevels {c |}{col 39}{res}{space 2} 2.06e-11{col 51}{space 2} 8.66e-12{col 62}{space 1}    2.37{col 71}{space 3}0.018{col 79}{space 4} 3.55e-12{col 92}{space 3} 3.76e-11
{txt}{space 37} {c |}
{space 9}c.year#c.GlobalReserveLevels {c |}{col 39}{res}{space 2}-1.03e-14{col 51}{space 2} 4.33e-15{col 62}{space 1}   -2.39{col 71}{space 3}0.017{col 79}{space 4}-1.88e-14{col 92}{space 3}-1.83e-15
{txt}{space 37} {c |}
{space 32}_cons {c |}{col 39}{res}{space 2}-274.3746{col 51}{space 2} 113.7061{col 62}{space 1}   -2.41{col 71}{space 3}0.016{col 79}{space 4}-497.6656{col 92}{space 3} -51.0836
{txt}{hline 38}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. margins, dydx(preelec_share) at(US10YrYields_AnnAvg=(.8(.25)6.0)) level(95)
{res}
{txt}Average marginal effects{col 49}Number of obs{col 67}= {res}       700
{txt}Model VCE{col 14}: {res}Robust

{txt}{p2colset 1 14 16 2}{...}
{p2col:Expression}:{space 1}{res:Linear prediction, predict()}{p_end}
{p2colreset}{...}
{txt}{p2colset 1 14 16 2}{...}
{p2col:dy/dx w.r.t.}:{space 1}{res:preelec_share}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:1._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 9}.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:2._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}1.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:3._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}1.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:4._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}1.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:5._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}1.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:6._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}2.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:7._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}2.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:8._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}2.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:9._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}2.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:10._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}3.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:11._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}3.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:12._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}3.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:13._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}3.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:14._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}4.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:15._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}4.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:16._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}4.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:17._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}4.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:18._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}5.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:19._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}5.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:20._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}5.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:21._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}5.8}{p_end}
{p2colreset}{...}

{res}{txt}{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 15}{c |}{col 27} Delta-method
{col 15}{c |}      dy/dx{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}preelec_share {txt}{c |}
{space 10}_at {c |}
{space 11}1  {c |}{col 15}{res}{space 2} .2707478{col 27}{space 2} .2643756{col 38}{space 1}    1.02{col 47}{space 3}0.306{col 55}{space 4}-.2484211{col 68}{space 3} .7899167
{txt}{space 11}2  {c |}{col 15}{res}{space 2} .2189038{col 27}{space 2} .2421578{col 38}{space 1}    0.90{col 47}{space 3}0.366{col 55}{space 4}-.2566347{col 68}{space 3} .6944423
{txt}{space 11}3  {c |}{col 15}{res}{space 2} .1670598{col 27}{space 2} .2207024{col 38}{space 1}    0.76{col 47}{space 3}0.449{col 55}{space 4}-.2663456{col 68}{space 3} .6004653
{txt}{space 11}4  {c |}{col 15}{res}{space 2} .1152159{col 27}{space 2} .2002548{col 38}{space 1}    0.58{col 47}{space 3}0.565{col 55}{space 4}-.2780355{col 68}{space 3} .5084672
{txt}{space 11}5  {c |}{col 15}{res}{space 2} .0633719{col 27}{space 2} .1811566{col 38}{space 1}    0.35{col 47}{space 3}0.727{col 55}{space 4}-.2923751{col 68}{space 3} .4191189
{txt}{space 11}6  {c |}{col 15}{res}{space 2} .0115279{col 27}{space 2}   .16388{col 38}{space 1}    0.07{col 47}{space 3}0.944{col 55}{space 4}-.3102923{col 68}{space 3} .3333481
{txt}{space 11}7  {c |}{col 15}{res}{space 2} -.040316{col 27}{space 2}   .14906{col 38}{space 1}   -0.27{col 47}{space 3}0.787{col 55}{space 4}-.3330334{col 68}{space 3} .2524013
{txt}{space 11}8  {c |}{col 15}{res}{space 2}  -.09216{col 27}{space 2} .1374933{col 38}{space 1}   -0.67{col 47}{space 3}0.503{col 55}{space 4} -.362163{col 68}{space 3}  .177843
{txt}{space 11}9  {c |}{col 15}{res}{space 2} -.144004{col 27}{space 2} .1300506{col 38}{space 1}   -1.11{col 47}{space 3}0.269{col 55}{space 4}-.3993914{col 68}{space 3} .1113835
{txt}{space 10}10  {c |}{col 15}{res}{space 2} -.195848{col 27}{space 2} .1274566{col 38}{space 1}   -1.54{col 47}{space 3}0.125{col 55}{space 4}-.4461414{col 68}{space 3} .0544455
{txt}{space 10}11  {c |}{col 15}{res}{space 2}-.2476919{col 27}{space 2} .1300018{col 38}{space 1}   -1.91{col 47}{space 3}0.057{col 55}{space 4}-.5029836{col 68}{space 3} .0075998
{txt}{space 10}12  {c |}{col 15}{res}{space 2}-.2995359{col 27}{space 2}  .137401{col 38}{space 1}   -2.18{col 47}{space 3}0.030{col 55}{space 4}-.5693577{col 68}{space 3}-.0297141
{txt}{space 10}13  {c |}{col 15}{res}{space 2}-.3513799{col 27}{space 2} .1489324{col 38}{space 1}   -2.36{col 47}{space 3}0.019{col 55}{space 4}-.6438465{col 68}{space 3}-.0589132
{txt}{space 10}14  {c |}{col 15}{res}{space 2}-.4032239{col 27}{space 2} .1637252{col 38}{space 1}   -2.46{col 47}{space 3}0.014{col 55}{space 4}-.7247401{col 68}{space 3}-.0817077
{txt}{space 10}15  {c |}{col 15}{res}{space 2}-.4550679{col 27}{space 2} .1809815{col 38}{space 1}   -2.51{col 47}{space 3}0.012{col 55}{space 4}-.8104711{col 68}{space 3}-.0996646
{txt}{space 10}16  {c |}{col 15}{res}{space 2}-.5069118{col 27}{space 2} .2000648{col 38}{space 1}   -2.53{col 47}{space 3}0.012{col 55}{space 4}  -.89979{col 68}{space 3}-.1140337
{txt}{space 10}17  {c |}{col 15}{res}{space 2}-.5587558{col 27}{space 2} .2205013{col 38}{space 1}   -2.53{col 47}{space 3}0.012{col 55}{space 4}-.9917662{col 68}{space 3}-.1257454
{txt}{space 10}18  {c |}{col 15}{res}{space 2}-.6105998{col 27}{space 2} .2419483{col 38}{space 1}   -2.52{col 47}{space 3}0.012{col 55}{space 4}-1.085727{col 68}{space 3}-.1354728
{txt}{space 10}19  {c |}{col 15}{res}{space 2}-.6624438{col 27}{space 2} .2641597{col 38}{space 1}   -2.51{col 47}{space 3}0.012{col 55}{space 4}-1.181189{col 68}{space 3}-.1436988
{txt}{space 10}20  {c |}{col 15}{res}{space 2}-.7142877{col 27}{space 2} .2869583{col 38}{space 1}   -2.49{col 47}{space 3}0.013{col 55}{space 4}-1.277803{col 68}{space 3}-.1507721
{txt}{space 10}21  {c |}{col 15}{res}{space 2}-.7661317{col 27}{space 2} .3102144{col 38}{space 1}   -2.47{col 47}{space 3}0.014{col 55}{space 4}-1.375317{col 68}{space 3}-.1569466
{txt}{hline 14}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. marginsplot, noseparator yline(0, lc(black) lpattern(solid)) xscale(lstyle(none)) xlabel(1(1)5) recast(line) plot1opts(lpattern(dot)) recastci(rarea) ciopt(color(black%20)) ///
> title("Figure 5: Predicted Effect of Election Periods on Reserve Levels (Monthly Measure, Model 6)", size (small)) subtitle("by US Interest Rates", size (small)) ///
> note("95% confidence intervals", size(small)) ///
> ytitle("Marginal Effect of Election on Reserves") xtitle("US Rates")
{res}
{text}{p 2 6 2}Variables that uniquely identify margins: US10YrYields_AnnAvg{p_end}
{res}{txt}
{com}. 
. *Figure 7: Model 8 Adj ME Plot
. regress deltaReserves_Imports c.preelec_share2##c.US10YrYields_AnnAvg postelec_share l.deltaReserves_Imports l.GDPpcap l.GDPgrowth l.ny_gdp_totl_rt_zs l.CurrAcctBal_PerGDP l.ExtDebtStocks_PerGNI l.DebtService_PerGDP l.Inflation_annGDPdeflator l.PegBandManaged_NoUnion l.lvaw_garriga l.Taxes_PerGDP l.BestCRtg l.cyrs l.dyrs l.v2x_polyarchy l.Left i.country_num c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}       700
                                                {txt}{help j_robustsingular:F(70, 627) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1099
                                                {txt}Root MSE          =    {res} 1.0722

{txt}{hline 39}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 40}{c |}{col 52}    Robust
{col 1}                 deltaReserves_Imports{col 40}{c |}      Coef.{col 52}   Std. Err.{col 64}      t{col 72}   P>|t|{col 80}     [95% Con{col 93}f. Interval]
{hline 39}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 24}preelec_share2 {c |}{col 40}{res}{space 2} .2705393{col 52}{space 2} .2665579{col 63}{space 1}    1.01{col 72}{space 3}0.311{col 80}{space 4}-.2529151{col 93}{space 3} .7939937
{txt}{space 19}US10YrYields_AnnAvg {c |}{col 40}{res}{space 2}-.1957894{col 52}{space 2} .0932957{col 63}{space 1}   -2.10{col 72}{space 3}0.036{col 80}{space 4}-.3789992{col 93}{space 3}-.0125795
{txt}{space 38} {c |}
c.preelec_share2#c.US10YrYields_AnnAvg {c |}{col 40}{res}{space 2}-.1701151{col 52}{space 2} .0822927{col 63}{space 1}   -2.07{col 72}{space 3}0.039{col 80}{space 4}-.3317179{col 93}{space 3}-.0085124
{txt}{space 38} {c |}
{space 24}postelec_share {c |}{col 40}{res}{space 2} .1178045{col 52}{space 2} .1920976{col 63}{space 1}    0.61{col 72}{space 3}0.540{col 80}{space 4}-.2594281{col 93}{space 3} .4950371
{txt}{space 38} {c |}
{space 17}deltaReserves_Imports {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.1699864{col 52}{space 2} .0565532{col 63}{space 1}   -3.01{col 72}{space 3}0.003{col 80}{space 4} -.281043{col 93}{space 3}-.0589298
{txt}{space 38} {c |}
{space 31}GDPpcap {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0000922{col 52}{space 2} .0000592{col 63}{space 1}    1.56{col 72}{space 3}0.120{col 80}{space 4} -.000024{col 93}{space 3} .0002084
{txt}{space 38} {c |}
{space 29}GDPgrowth {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0047025{col 52}{space 2} .0177681{col 63}{space 1}    0.26{col 72}{space 3}0.791{col 80}{space 4}-.0301896{col 93}{space 3} .0395947
{txt}{space 38} {c |}
{space 21}ny_gdp_totl_rt_zs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0106805{col 52}{space 2} .0202931{col 63}{space 1}   -0.53{col 72}{space 3}0.599{col 80}{space 4}-.0505312{col 93}{space 3} .0291702
{txt}{space 38} {c |}
{space 20}CurrAcctBal_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0019565{col 52}{space 2} .0078339{col 63}{space 1}    0.25{col 72}{space 3}0.803{col 80}{space 4}-.0134274{col 93}{space 3} .0173404
{txt}{space 38} {c |}
{space 18}ExtDebtStocks_PerGNI {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0009906{col 52}{space 2} .0011696{col 63}{space 1}   -0.85{col 72}{space 3}0.397{col 80}{space 4}-.0032875{col 93}{space 3} .0013063
{txt}{space 38} {c |}
{space 20}DebtService_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-1.093639{col 52}{space 2} 1.164484{col 63}{space 1}   -0.94{col 72}{space 3}0.348{col 80}{space 4}  -3.3804{col 93}{space 3} 1.193123
{txt}{space 38} {c |}
{space 14}Inflation_annGDPdeflator {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0114209{col 52}{space 2} .0074482{col 63}{space 1}    1.53{col 72}{space 3}0.126{col 80}{space 4}-.0032055{col 93}{space 3} .0260474
{txt}{space 38} {c |}
{space 16}PegBandManaged_NoUnion {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .1727934{col 52}{space 2} .1651606{col 63}{space 1}    1.05{col 72}{space 3}0.296{col 80}{space 4}-.1515416{col 93}{space 3} .4971283
{txt}{space 38} {c |}
{space 26}lvaw_garriga {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.2260489{col 52}{space 2} .6163971{col 63}{space 1}   -0.37{col 72}{space 3}0.714{col 80}{space 4}-1.436502{col 93}{space 3} .9844037
{txt}{space 38} {c |}
{space 26}Taxes_PerGDP {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} 4.669777{col 52}{space 2} 2.288066{col 63}{space 1}    2.04{col 72}{space 3}0.042{col 80}{space 4} .1765765{col 93}{space 3} 9.162978
{txt}{space 38} {c |}
{space 30}BestCRtg {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0541474{col 52}{space 2} .0300774{col 63}{space 1}    1.80{col 72}{space 3}0.072{col 80}{space 4}-.0049172{col 93}{space 3} .1132119
{txt}{space 38} {c |}
{space 34}cyrs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .0124269{col 52}{space 2} .0134301{col 63}{space 1}    0.93{col 72}{space 3}0.355{col 80}{space 4}-.0139465{col 93}{space 3} .0388003
{txt}{space 38} {c |}
{space 34}dyrs {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0197098{col 52}{space 2} .0116287{col 63}{space 1}   -1.69{col 72}{space 3}0.091{col 80}{space 4}-.0425456{col 93}{space 3}  .003126
{txt}{space 38} {c |}
{space 25}v2x_polyarchy {c |}
{space 35}L1. {c |}{col 40}{res}{space 2} .5618773{col 52}{space 2} .9419714{col 63}{space 1}    0.60{col 72}{space 3}0.551{col 80}{space 4}-1.287923{col 93}{space 3} 2.411678
{txt}{space 38} {c |}
{space 31}LeftGov {c |}
{space 35}L1. {c |}{col 40}{res}{space 2}-.0545479{col 52}{space 2} .1196862{col 63}{space 1}   -0.46{col 72}{space 3}0.649{col 80}{space 4}-.2895822{col 93}{space 3} .1804865
{txt}{space 38} {c |}
{space 27}country_num {c |}
{space 34}ARG  {c |}{col 40}{res}{space 2}-1.233963{col 52}{space 2} .6898987{col 63}{space 1}   -1.79{col 72}{space 3}0.074{col 80}{space 4}-2.588755{col 93}{space 3} .1208283
{txt}{space 34}ARM  {c |}{col 40}{res}{space 2}-.0944781{col 52}{space 2} .3051084{col 63}{space 1}   -0.31{col 72}{space 3}0.757{col 80}{space 4} -.693636{col 93}{space 3} .5046799
{txt}{space 34}BGD  {c |}{col 40}{res}{space 2} .2347884{col 52}{space 2} .4935615{col 63}{space 1}    0.48{col 72}{space 3}0.634{col 80}{space 4}-.7344453{col 93}{space 3} 1.204022
{txt}{space 34}BGR  {c |}{col 40}{res}{space 2} .0037971{col 52}{space 2} .4030213{col 63}{space 1}    0.01{col 72}{space 3}0.992{col 80}{space 4}-.7876379{col 93}{space 3}  .795232
{txt}{space 34}BIH  {c |}{col 40}{res}{space 2} .0936382{col 52}{space 2}  .330757{col 63}{space 1}    0.28{col 72}{space 3}0.777{col 80}{space 4}-.5558875{col 93}{space 3} .7431639
{txt}{space 34}BRA  {c |}{col 40}{res}{space 2}-.3359225{col 52}{space 2} .8142837{col 63}{space 1}   -0.41{col 72}{space 3}0.680{col 80}{space 4}-1.934976{col 93}{space 3} 1.263131
{txt}{space 34}BWA  {c |}{col 40}{res}{space 2} -.905485{col 52}{space 2}  .770222{col 63}{space 1}   -1.18{col 72}{space 3}0.240{col 80}{space 4}-2.418012{col 93}{space 3} .6070421
{txt}{space 34}DOM  {c |}{col 40}{res}{space 2}   .14473{col 52}{space 2} .3286264{col 63}{space 1}    0.44{col 72}{space 3}0.660{col 80}{space 4}-.5006116{col 93}{space 3} .7900716
{txt}{space 34}ECU  {c |}{col 40}{res}{space 2} .0699419{col 52}{space 2}  .390246{col 63}{space 1}    0.18{col 72}{space 3}0.858{col 80}{space 4}-.6964055{col 93}{space 3} .8362892
{txt}{space 34}GEO  {c |}{col 40}{res}{space 2} .0315967{col 52}{space 2} .3006508{col 63}{space 1}    0.11{col 72}{space 3}0.916{col 80}{space 4}-.5588077{col 93}{space 3} .6220011
{txt}{space 34}GHA  {c |}{col 40}{res}{space 2} .4147126{col 52}{space 2} .5403472{col 63}{space 1}    0.77{col 72}{space 3}0.443{col 80}{space 4}-.6463968{col 93}{space 3} 1.475822
{txt}{space 34}GMB  {c |}{col 40}{res}{space 2} 1.233026{col 52}{space 2} .5962025{col 63}{space 1}    2.07{col 72}{space 3}0.039{col 80}{space 4} .0622311{col 93}{space 3} 2.403822
{txt}{space 34}GTM  {c |}{col 40}{res}{space 2} .8463561{col 52}{space 2} .3316013{col 63}{space 1}    2.55{col 72}{space 3}0.011{col 80}{space 4} .1951725{col 93}{space 3}  1.49754
{txt}{space 34}HND  {c |}{col 40}{res}{space 2}-.1294223{col 52}{space 2} .3050681{col 63}{space 1}   -0.42{col 72}{space 3}0.672{col 80}{space 4}-.7285012{col 93}{space 3} .4696567
{txt}{space 34}HTI  {c |}{col 40}{res}{space 2} .7518019{col 52}{space 2} .6110921{col 63}{space 1}    1.23{col 72}{space 3}0.219{col 80}{space 4} -.448233{col 93}{space 3} 1.951837
{txt}{space 34}IDN  {c |}{col 40}{res}{space 2} .4084017{col 52}{space 2} .4395567{col 63}{space 1}    0.93{col 72}{space 3}0.353{col 80}{space 4}-.4547798{col 93}{space 3} 1.271583
{txt}{space 34}IND  {c |}{col 40}{res}{space 2} .5228831{col 52}{space 2} .6899377{col 63}{space 1}    0.76{col 72}{space 3}0.449{col 80}{space 4}-.8319853{col 93}{space 3} 1.877752
{txt}{space 34}JAM  {c |}{col 40}{res}{space 2}-.2799377{col 52}{space 2} .5119709{col 63}{space 1}   -0.55{col 72}{space 3}0.585{col 80}{space 4}-1.285323{col 93}{space 3} .7254475
{txt}{space 34}KEN  {c |}{col 40}{res}{space 2} .3868005{col 52}{space 2} .3582224{col 63}{space 1}    1.08{col 72}{space 3}0.281{col 80}{space 4}-.3166603{col 93}{space 3} 1.090261
{txt}{space 34}KGZ  {c |}{col 40}{res}{space 2} .1344763{col 52}{space 2} .3642592{col 63}{space 1}    0.37{col 72}{space 3}0.712{col 80}{space 4}-.5808394{col 93}{space 3}  .849792
{txt}{space 34}LBN  {c |}{col 40}{res}{space 2} .7797827{col 52}{space 2} .5993615{col 63}{space 1}    1.30{col 72}{space 3}0.194{col 80}{space 4}-.3972163{col 93}{space 3} 1.956782
{txt}{space 34}LBR  {c |}{col 40}{res}{space 2} .8420922{col 52}{space 2} .6040547{col 63}{space 1}    1.39{col 72}{space 3}0.164{col 80}{space 4} -.344123{col 93}{space 3} 2.028307
{txt}{space 34}LKA  {c |}{col 40}{res}{space 2} .0650622{col 52}{space 2} .4029754{col 63}{space 1}    0.16{col 72}{space 3}0.872{col 80}{space 4}-.7262825{col 93}{space 3}  .856407
{txt}{space 34}LSO  {c |}{col 40}{res}{space 2}-.8137345{col 52}{space 2} .7095413{col 63}{space 1}   -1.15{col 72}{space 3}0.252{col 80}{space 4}  -2.2071{col 93}{space 3} .5796306
{txt}{space 34}MDA  {c |}{col 40}{res}{space 2} .0010538{col 52}{space 2} .2565263{col 63}{space 1}    0.00{col 72}{space 3}0.997{col 80}{space 4} -.502701{col 93}{space 3} .5048085
{txt}{space 34}MDG  {c |}{col 40}{res}{space 2} .5197692{col 52}{space 2} .4309558{col 63}{space 1}    1.21{col 72}{space 3}0.228{col 80}{space 4}-.3265222{col 93}{space 3} 1.366061
{txt}{space 34}MNG  {c |}{col 40}{res}{space 2} .0768609{col 52}{space 2} .4942745{col 63}{space 1}    0.16{col 72}{space 3}0.876{col 80}{space 4}-.8937729{col 93}{space 3} 1.047495
{txt}{space 34}MOZ  {c |}{col 40}{res}{space 2} .4470282{col 52}{space 2} .6021454{col 63}{space 1}    0.74{col 72}{space 3}0.458{col 80}{space 4}-.7354377{col 93}{space 3} 1.629494
{txt}{space 34}MRT  {c |}{col 40}{res}{space 2} 1.468927{col 52}{space 2} .5903722{col 63}{space 1}    2.49{col 72}{space 3}0.013{col 80}{space 4} .3095809{col 93}{space 3} 2.628273
{txt}{space 34}MUS  {c |}{col 40}{res}{space 2}-.3002405{col 52}{space 2} .5716708{col 63}{space 1}   -0.53{col 72}{space 3}0.600{col 80}{space 4}-1.422862{col 93}{space 3} .8223808
{txt}{space 34}MWI  {c |}{col 40}{res}{space 2} .1820239{col 52}{space 2} .4504367{col 63}{space 1}    0.40{col 72}{space 3}0.686{col 80}{space 4}-.7025234{col 93}{space 3} 1.066571
{txt}{space 34}NIC  {c |}{col 40}{res}{space 2} .5971475{col 52}{space 2} .3362154{col 63}{space 1}    1.78{col 72}{space 3}0.076{col 80}{space 4} -.063097{col 93}{space 3} 1.257392
{txt}{space 34}NPL  {c |}{col 40}{res}{space 2} .0198483{col 52}{space 2} .7624404{col 63}{space 1}    0.03{col 72}{space 3}0.979{col 80}{space 4}-1.477398{col 93}{space 3} 1.517094
{txt}{space 34}PAK  {c |}{col 40}{res}{space 2} .0692429{col 52}{space 2} .6531652{col 63}{space 1}    0.11{col 72}{space 3}0.916{col 80}{space 4}-1.213413{col 93}{space 3} 1.351899
{txt}{space 34}PAN  {c |}{col 40}{res}{space 2}-.5606754{col 52}{space 2} .7668831{col 63}{space 1}   -0.73{col 72}{space 3}0.465{col 80}{space 4}-2.066646{col 93}{space 3} .9452949
{txt}{space 34}PER  {c |}{col 40}{res}{space 2} .2179673{col 52}{space 2} .5045642{col 63}{space 1}    0.43{col 72}{space 3}0.666{col 80}{space 4}-.7728731{col 93}{space 3} 1.208808
{txt}{space 34}PHL  {c |}{col 40}{res}{space 2} .5933713{col 52}{space 2} .4181416{col 63}{space 1}    1.42{col 72}{space 3}0.156{col 80}{space 4}-.2277563{col 93}{space 3} 1.414499
{txt}{space 34}PNG  {c |}{col 40}{res}{space 2} .5322973{col 52}{space 2} .5501172{col 63}{space 1}    0.97{col 72}{space 3}0.334{col 80}{space 4} -.547998{col 93}{space 3} 1.612593
{txt}{space 34}PRY  {c |}{col 40}{res}{space 2} .4121901{col 52}{space 2} .4114891{col 63}{space 1}    1.00{col 72}{space 3}0.317{col 80}{space 4}-.3958735{col 93}{space 3} 1.220254
{txt}{space 34}ROU  {c |}{col 40}{res}{space 2}-.1954551{col 52}{space 2}  .431101{col 63}{space 1}   -0.45{col 72}{space 3}0.650{col 80}{space 4}-1.042032{col 93}{space 3} .6511216
{txt}{space 34}SLE  {c |}{col 40}{res}{space 2} .6812227{col 52}{space 2} .4818247{col 63}{space 1}    1.41{col 72}{space 3}0.158{col 80}{space 4}-.2649629{col 93}{space 3} 1.627408
{txt}{space 34}SLV  {c |}{col 40}{res}{space 2} .2142094{col 52}{space 2} .2960564{col 63}{space 1}    0.72{col 72}{space 3}0.470{col 80}{space 4}-.3671727{col 93}{space 3} .7955915
{txt}{space 34}THA  {c |}{col 40}{res}{space 2}-.3982817{col 52}{space 2} .5547029{col 63}{space 1}   -0.72{col 72}{space 3}0.473{col 80}{space 4}-1.487582{col 93}{space 3} .6910188
{txt}{space 34}TLS  {c |}{col 40}{res}{space 2} 2.362076{col 52}{space 2} 2.014089{col 63}{space 1}    1.17{col 72}{space 3}0.241{col 80}{space 4}-1.593101{col 93}{space 3} 6.317253
{txt}{space 34}TUN  {c |}{col 40}{res}{space 2}-.1927277{col 52}{space 2} .6781566{col 63}{space 1}   -0.28{col 72}{space 3}0.776{col 80}{space 4}-1.524461{col 93}{space 3} 1.139006
{txt}{space 34}TZA  {c |}{col 40}{res}{space 2} .3236494{col 52}{space 2} .4675349{col 63}{space 1}    0.69{col 72}{space 3}0.489{col 80}{space 4}-.5944744{col 93}{space 3} 1.241773
{txt}{space 34}UKR  {c |}{col 40}{res}{space 2}-.3392173{col 52}{space 2} .4447268{col 63}{space 1}   -0.76{col 72}{space 3}0.446{col 80}{space 4}-1.212552{col 93}{space 3}  .534117
{txt}{space 34}ZAF  {c |}{col 40}{res}{space 2} -.204849{col 52}{space 2} .5968954{col 63}{space 1}   -0.34{col 72}{space 3}0.732{col 80}{space 4}-1.377005{col 93}{space 3} .9673071
{txt}{space 34}ZMB  {c |}{col 40}{res}{space 2} .2722743{col 52}{space 2} .5360471{col 63}{space 1}    0.51{col 72}{space 3}0.612{col 80}{space 4}-.7803906{col 93}{space 3} 1.324939
{txt}{space 38} {c |}
{space 34}year {c |}{col 40}{res}{space 2} .1414784{col 52}{space 2} .0576916{col 63}{space 1}    2.45{col 72}{space 3}0.014{col 80}{space 4} .0281862{col 93}{space 3} .2547706
{txt}{space 19}GlobalReserveLevels {c |}{col 40}{res}{space 2} 2.14e-11{col 52}{space 2} 8.78e-12{col 63}{space 1}    2.43{col 72}{space 3}0.015{col 80}{space 4} 4.13e-12{col 93}{space 3} 3.86e-11
{txt}{space 38} {c |}
{space 10}c.year#c.GlobalReserveLevels {c |}{col 40}{res}{space 2}-1.07e-14{col 52}{space 2} 4.39e-15{col 63}{space 1}   -2.45{col 72}{space 3}0.015{col 80}{space 4}-1.94e-14{col 93}{space 3}-2.13e-15
{txt}{space 38} {c |}
{space 33}_cons {c |}{col 40}{res}{space 2}-283.8461{col 52}{space 2} 115.4589{col 63}{space 1}   -2.46{col 72}{space 3}0.014{col 80}{space 4}-510.5791{col 93}{space 3}-57.11312
{txt}{hline 39}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. margins, dydx(preelec_share2) at(US10YrYields_AnnAvg=(.8(.25)6.0)) level(95)
{res}
{txt}Average marginal effects{col 49}Number of obs{col 67}= {res}       700
{txt}Model VCE{col 14}: {res}Robust

{txt}{p2colset 1 14 16 2}{...}
{p2col:Expression}:{space 1}{res:Linear prediction, predict()}{p_end}
{p2colreset}{...}
{txt}{p2colset 1 14 16 2}{...}
{p2col:dy/dx w.r.t.}:{space 1}{res:preelec_share2}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:1._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 9}.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:2._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}1.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:3._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}1.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:4._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}1.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:5._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}1.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:6._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}2.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:7._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}2.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:8._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}2.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:9._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}2.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:10._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}3.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:11._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}3.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:12._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}3.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:13._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}3.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:14._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}4.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:15._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}4.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:16._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}4.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:17._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}4.8}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:18._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}5.05}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:19._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}5.3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:20._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}5.55}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:21._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}5.8}{p_end}
{p2colreset}{...}

{res}{txt}{hline 15}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 16}{c |}{col 28} Delta-method
{col 16}{c |}      dy/dx{col 28}   Std. Err.{col 40}      t{col 48}   P>|t|{col 56}     [95% Con{col 69}f. Interval]
{hline 15}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}preelec_share2 {txt}{c |}
{space 11}_at {c |}
{space 12}1  {c |}{col 16}{res}{space 2} .1344472{col 28}{space 2} .2063447{col 39}{space 1}    0.65{col 48}{space 3}0.515{col 56}{space 4}-.2707631{col 69}{space 3} .5396575
{txt}{space 12}2  {c |}{col 16}{res}{space 2} .0919184{col 28}{space 2} .1883012{col 39}{space 1}    0.49{col 48}{space 3}0.626{col 56}{space 4} -.277859{col 69}{space 3} .4616959
{txt}{space 12}3  {c |}{col 16}{res}{space 2} .0493896{col 28}{space 2} .1708306{col 39}{space 1}    0.29{col 48}{space 3}0.773{col 56}{space 4}-.2860798{col 69}{space 3} .3848591
{txt}{space 12}4  {c |}{col 16}{res}{space 2} .0068609{col 28}{space 2} .1541277{col 39}{space 1}    0.04{col 48}{space 3}0.965{col 56}{space 4}-.2958082{col 69}{space 3} .3095299
{txt}{space 12}5  {c |}{col 16}{res}{space 2}-.0356679{col 28}{space 2} .1384707{col 39}{space 1}   -0.26{col 48}{space 3}0.797{col 56}{space 4}-.3075904{col 69}{space 3} .2362546
{txt}{space 12}6  {c |}{col 16}{res}{space 2}-.0781967{col 28}{space 2} .1242554{col 39}{space 1}   -0.63{col 48}{space 3}0.529{col 56}{space 4}-.3222039{col 69}{space 3} .1658105
{txt}{space 12}7  {c |}{col 16}{res}{space 2}-.1207255{col 28}{space 2} .1120322{col 39}{space 1}   -1.08{col 48}{space 3}0.282{col 56}{space 4}-.3407292{col 69}{space 3} .0992782
{txt}{space 12}8  {c |}{col 16}{res}{space 2}-.1632543{col 28}{space 2} .1025159{col 39}{space 1}   -1.59{col 48}{space 3}0.112{col 56}{space 4}-.3645704{col 69}{space 3} .0380619
{txt}{space 12}9  {c |}{col 16}{res}{space 2}-.2057831{col 28}{space 2} .0965108{col 39}{space 1}   -2.13{col 48}{space 3}0.033{col 56}{space 4}-.3953066{col 69}{space 3}-.0162595
{txt}{space 11}10  {c |}{col 16}{res}{space 2}-.2483118{col 28}{space 2} .0946872{col 39}{space 1}   -2.62{col 48}{space 3}0.009{col 56}{space 4}-.4342543{col 69}{space 3}-.0623694
{txt}{space 11}11  {c |}{col 16}{res}{space 2}-.2908406{col 28}{space 2} .0972806{col 39}{space 1}   -2.99{col 48}{space 3}0.003{col 56}{space 4}-.4818758{col 69}{space 3}-.0998054
{txt}{space 11}12  {c |}{col 16}{res}{space 2}-.3333694{col 28}{space 2} .1039609{col 39}{space 1}   -3.21{col 48}{space 3}0.001{col 56}{space 4}-.5375231{col 69}{space 3}-.1292157
{txt}{space 11}13  {c |}{col 16}{res}{space 2}-.3758982{col 28}{space 2}  .114012{col 39}{space 1}   -3.30{col 48}{space 3}0.001{col 56}{space 4}-.5997897{col 69}{space 3}-.1520066
{txt}{space 11}14  {c |}{col 16}{res}{space 2} -.418427{col 28}{space 2} .1266338{col 39}{space 1}   -3.30{col 48}{space 3}0.001{col 56}{space 4}-.6671047{col 69}{space 3}-.1697494
{txt}{space 11}15  {c |}{col 16}{res}{space 2}-.4609558{col 28}{space 2} .1411382{col 39}{space 1}   -3.27{col 48}{space 3}0.001{col 56}{space 4}-.7381167{col 69}{space 3}-.1837949
{txt}{space 11}16  {c |}{col 16}{res}{space 2}-.5034846{col 28}{space 2} .1570045{col 39}{space 1}   -3.21{col 48}{space 3}0.001{col 56}{space 4}-.8118028{col 69}{space 3}-.1951663
{txt}{space 11}17  {c |}{col 16}{res}{space 2}-.5460133{col 28}{space 2}   .17386{col 39}{space 1}   -3.14{col 48}{space 3}0.002{col 56}{space 4}-.8874318{col 69}{space 3}-.2045949
{txt}{space 11}18  {c |}{col 16}{res}{space 2}-.5885421{col 28}{space 2} .1914438{col 39}{space 1}   -3.07{col 48}{space 3}0.002{col 56}{space 4}-.9644909{col 69}{space 3}-.2125934
{txt}{space 11}19  {c |}{col 16}{res}{space 2}-.6310709{col 28}{space 2} .2095726{col 39}{space 1}   -3.01{col 48}{space 3}0.003{col 56}{space 4} -1.04262{col 69}{space 3}-.2195217
{txt}{space 11}20  {c |}{col 16}{res}{space 2}-.6735997{col 28}{space 2} .2281165{col 39}{space 1}   -2.95{col 48}{space 3}0.003{col 56}{space 4}-1.121565{col 69}{space 3}-.2256349
{txt}{space 11}21  {c |}{col 16}{res}{space 2}-.7161285{col 28}{space 2}  .246982{col 39}{space 1}   -2.90{col 48}{space 3}0.004{col 56}{space 4} -1.20114{col 69}{space 3}-.2311165
{txt}{hline 15}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. marginsplot, noseparator yline(0, lc(black) lpattern(solid)) xscale(lstyle(none)) xlabel(1(1)5) recast(line) plot1opts(lpattern(dot)) recastci(rarea) ciopt(color(black%20)) ///
> title("Figure 7: Predicted Effect of Election Periods on Reserve Levels (Hybrid Measure, Model 8)", size (small)) subtitle("by US Interest Rates", size (small)) ///
> note("95% confidence intervals", size(small)) ///
> ytitle("Marginal Effect of Election on Reserves") xtitle("US Rates")
{res}
{text}{p 2 6 2}Variables that uniquely identify margins: US10YrYields_AnnAvg{p_end}
{res}{txt}
{com}. 
. 
. ************************************************************************************************************************************************************
. *Kernel estimates
. *prep variables for interflex
. *country and year dummies
. tab country_num , g(cc_)

{txt}country_num {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
        ABW {c |}{res}          2        0.13        0.13
{txt}        ALB {c |}{res}         23        1.51        1.65
{txt}        AND {c |}{res}          2        0.13        1.78
{txt}        ARG {c |}{res}         24        1.58        3.36
{txt}        ARM {c |}{res}          8        0.53        3.88
{txt}        ASM {c |}{res}          2        0.13        4.02
{txt}        ATG {c |}{res}          2        0.13        4.15
{txt}        BEN {c |}{res}         22        1.45        5.60
{txt}        BFA {c |}{res}         21        1.38        6.98
{txt}        BGD {c |}{res}          8        0.53        7.50
{txt}        BGR {c |}{res}         24        1.58        9.08
{txt}        BHS {c |}{res}          2        0.13        9.22
{txt}        BIH {c |}{res}         24        1.58       10.80
{txt}        BLZ {c |}{res}          2        0.13       10.93
{txt}        BMU {c |}{res}          2        0.13       11.06
{txt}        BOL {c |}{res}         23        1.51       12.57
{txt}        BRA {c |}{res}         24        1.58       14.15
{txt}        BRB {c |}{res}          2        0.13       14.29
{txt}        BRN {c |}{res}          2        0.13       14.42
{txt}        BTN {c |}{res}          2        0.13       14.55
{txt}        BWA {c |}{res}         24        1.58       16.13
{txt}        CIV {c |}{res}         23        1.51       17.64
{txt}        CPV {c |}{res}          2        0.13       17.77
{txt}        CUW {c |}{res}          2        0.13       17.91
{txt}        CYM {c |}{res}          2        0.13       18.04
{txt}        CYP {c |}{res}         21        1.38       19.42
{txt}        DMA {c |}{res}          2        0.13       19.55
{txt}        DOM {c |}{res}         24        1.58       21.13
{txt}        ECU {c |}{res}         24        1.58       22.71
{txt}        FJI {c |}{res}          1        0.07       22.78
{txt}        FRO {c |}{res}          2        0.13       22.91
{txt}        FSM {c |}{res}          2        0.13       23.04
{txt}        GEO {c |}{res}         20        1.32       24.36
{txt}        GHA {c |}{res}         24        1.58       25.94
{txt}        GIB {c |}{res}          2        0.13       26.07
{txt}        GMB {c |}{res}          7        0.46       26.53
{txt}        GNB {c |}{res}         18        1.18       27.72
{txt}        GRD {c |}{res}          2        0.13       27.85
{txt}        GRL {c |}{res}          2        0.13       27.98
{txt}        GTM {c |}{res}         24        1.58       29.56
{txt}        GUM {c |}{res}          2        0.13       29.69
{txt}        GUY {c |}{res}          2        0.13       29.82
{txt}        HND {c |}{res}         16        1.05       30.88
{txt}        HRV {c |}{res}         24        1.58       32.46
{txt}        HTI {c |}{res}          8        0.53       32.98
{txt}        IDN {c |}{res}         24        1.58       34.56
{txt}        IMN {c |}{res}          2        0.13       34.69
{txt}        IND {c |}{res}         20        1.32       36.01
{txt}        IRQ {c |}{res}          6        0.39       36.41
{txt}        JAM {c |}{res}         24        1.58       37.99
{txt}        KEN {c |}{res}         19        1.25       39.24
{txt}        KGZ {c |}{res}          9        0.59       39.83
{txt}        KIR {c |}{res}          2        0.13       39.96
{txt}        KNA {c |}{res}          2        0.13       40.09
{txt}        LBN {c |}{res}         16        1.05       41.15
{txt}        LBR {c |}{res}         18        1.18       42.33
{txt}        LBY {c |}{res}          1        0.07       42.40
{txt}        LCA {c |}{res}          2        0.13       42.53
{txt}        LIE {c |}{res}          2        0.13       42.66
{txt}        LKA {c |}{res}         16        1.05       43.71
{txt}        LSO {c |}{res}         22        1.45       45.16
{txt}        MAC {c |}{res}          2        0.13       45.29
{txt}        MAF {c |}{res}          2        0.13       45.42
{txt}        MCO {c |}{res}          2        0.13       45.56
{txt}        MDA {c |}{res}         24        1.58       47.14
{txt}        MDG {c |}{res}         19        1.25       48.39
{txt}        MDV {c |}{res}          2        0.13       48.52
{txt}        MHL {c |}{res}          2        0.13       48.65
{txt}        MKD {c |}{res}         24        1.58       50.23
{txt}        MLI {c |}{res}         18        1.18       51.42
{txt}        MLT {c |}{res}          2        0.13       51.55
{txt}        MMR {c |}{res}          2        0.13       51.68
{txt}        MNE {c |}{res}          2        0.13       51.81
{txt}        MNG {c |}{res}         24        1.58       53.39
{txt}        MNP {c |}{res}          2        0.13       53.52
{txt}        MOZ {c |}{res}         17        1.12       54.64
{txt}        MRT {c |}{res}          7        0.46       55.10
{txt}        MUS {c |}{res}         24        1.58       56.68
{txt}        MWI {c |}{res}         24        1.58       58.26
{txt}        MYS {c |}{res}          6        0.39       58.66
{txt}        NAM {c |}{res}         24        1.58       60.24
{txt}        NCL {c |}{res}          2        0.13       60.37
{txt}        NER {c |}{res}         22        1.45       61.82
{txt}        NGA {c |}{res}         19        1.25       63.07
{txt}        NIC {c |}{res}         12        0.79       63.86
{txt}        NPL {c |}{res}         14        0.92       64.78
{txt}        NRU {c |}{res}          2        0.13       64.91
{txt}        PAK {c |}{res}          9        0.59       65.50
{txt}        PAN {c |}{res}         24        1.58       67.08
{txt}        PER {c |}{res}         23        1.51       68.60
{txt}        PHL {c |}{res}         24        1.58       70.18
{txt}        PLW {c |}{res}          2        0.13       70.31
{txt}        PNG {c |}{res}         24        1.58       71.89
{txt}        PRI {c |}{res}         24        1.58       73.47
{txt}        PRY {c |}{res}         24        1.58       75.05
{txt}        PSE {c |}{res}         24        1.58       76.63
{txt}        PYF {c |}{res}          2        0.13       76.76
{txt}        ROU {c |}{res}         24        1.58       78.34
{txt}        SEN {c |}{res}         24        1.58       79.92
{txt}        SGP {c |}{res}          4        0.26       80.18
{txt}        SLB {c |}{res}          2        0.13       80.32
{txt}        SLE {c |}{res}         21        1.38       81.70
{txt}        SLV {c |}{res}         21        1.38       83.08
{txt}        SMR {c |}{res}          2        0.13       83.21
{txt}        SRB {c |}{res}         15        0.99       84.20
{txt}        SSD {c |}{res}         11        0.72       84.92
{txt}        STP {c |}{res}          2        0.13       85.06
{txt}        SUR {c |}{res}          2        0.13       85.19
{txt}        SXM {c |}{res}          2        0.13       85.32
{txt}        SYC {c |}{res}          2        0.13       85.45
{txt}        TCA {c |}{res}          2        0.13       85.58
{txt}        TGO {c |}{res}         14        0.92       86.50
{txt}        THA {c |}{res}         10        0.66       87.16
{txt}        TLS {c |}{res}         17        1.12       88.28
{txt}        TON {c |}{res}          2        0.13       88.41
{txt}        TTO {c |}{res}         24        1.58       89.99
{txt}        TUN {c |}{res}         11        0.72       90.72
{txt}        TUV {c |}{res}          2        0.13       90.85
{txt}        TZA {c |}{res}         17        1.12       91.97
{txt}        UKR {c |}{res}         15        0.99       92.96
{txt}        URY {c |}{res}         24        1.58       94.54
{txt}        VCT {c |}{res}          2        0.13       94.67
{txt}        VEN {c |}{res}         11        0.72       95.39
{txt}        VGB {c |}{res}          2        0.13       95.52
{txt}        VIR {c |}{res}          2        0.13       95.66
{txt}        WSM {c |}{res}          2        0.13       95.79
{txt}        XKX {c |}{res}         22        1.45       97.24
{txt}        ZAF {c |}{res}         24        1.58       98.82
{txt}        ZMB {c |}{res}         18        1.18      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}      1,519      100.00
{txt}
{com}. tab year, g(yr_)

       {txt}Year {c |}      Freq.     Percent        Cum.
{hline 12}{c +}{hline 35}
       2000 {c |}{res}         51        3.36        3.36
{txt}       2001 {c |}{res}         54        3.55        6.91
{txt}       2002 {c |}{res}         55        3.62       10.53
{txt}       2003 {c |}{res}         57        3.75       14.29
{txt}       2004 {c |}{res}         57        3.75       18.04
{txt}       2005 {c |}{res}         59        3.88       21.92
{txt}       2006 {c |}{res}         59        3.88       25.81
{txt}       2007 {c |}{res}         62        4.08       29.89
{txt}       2008 {c |}{res}         62        4.08       33.97
{txt}       2009 {c |}{res}         63        4.15       38.12
{txt}       2010 {c |}{res}         64        4.21       42.33
{txt}       2011 {c |}{res}         64        4.21       46.54
{txt}       2012 {c |}{res}         62        4.08       50.63
{txt}       2013 {c |}{res}         61        4.02       54.64
{txt}       2014 {c |}{res}         63        4.15       58.79
{txt}       2015 {c |}{res}         63        4.15       62.94
{txt}       2016 {c |}{res}         62        4.08       67.02
{txt}       2017 {c |}{res}         60        3.95       70.97
{txt}       2018 {c |}{res}         60        3.95       74.92
{txt}       2019 {c |}{res}         60        3.95       78.87
{txt}       2020 {c |}{res}         56        3.69       82.55
{txt}       2021 {c |}{res}         55        3.62       86.18
{txt}       2022 {c |}{res}        104        6.85       93.02
{txt}       2023 {c |}{res}        106        6.98      100.00
{txt}{hline 12}{c +}{hline 35}
      Total {c |}{res}      1,519      100.00
{txt}
{com}. *LDV
. gen ldeltaReserves_Imports = L.deltaReserves_Imports
{txt}(405 missing values generated)

{com}. *Manual year trends
. gen yearGR = year*GlobalReserveLevels
{txt}
{com}. 
. global trends yearGR year GlobalReserveLevels
{txt}
{com}. 
. *Controls
. global cntall GDPpcap GDPgrowth ny_gdp_totl_rt_zs CurrAcctBal_PerGDP ExtDebtStocks_PerGNI DebtService_PerGDP Inflation_annGDPdeflator PegBandManaged_NoUnion lvaw_garriga Taxes_PerGDP BestCRtg cyrs dyrs v2x_polyarchy Left
{txt}
{com}. 
. foreach var in GDPpcap GDPgrowth ny_gdp_totl_rt_zs CurrAcctBal_PerGDP ExtDebtStocks_PerGNI DebtService_PerGDP Inflation_annGDPdeflator PegBandManaged_NoUnion lvaw_garriga Taxes_PerGDP BestCRtg cyrs dyrs v2x_polyarchy Left {c -(}
{txt}  2{com}.         gen lagx_`var' = l.`var'
{txt}  3{com}.         {c )-}
{txt}(200 missing values generated)
(191 missing values generated)
(407 missing values generated)
(254 missing values generated)
(398 missing values generated)
(393 missing values generated)
(191 missing values generated)
(343 missing values generated)
(492 missing values generated)
(358 missing values generated)
(286 missing values generated)
(373 missing values generated)
(284 missing values generated)
(280 missing values generated)
(400 missing values generated)

{com}.         
. 
. *Figure 2: Kernel estimates
. interflex deltaReserves_Imports  ElectionPeriod US10YrYields_AnnAvg ldeltaReserves_Imports $trends ElectionYear lagx_* cc_*, vce(robust) bw(1.6) type(kernel) ylabel("Reserves") dlabel("Election")  xlabel("US Rates") ///
> title("Figure 2: Kernel Estimates of Conditional Effects")
{res}{txt}
{com}. 
. 
. *Figure 3: Bins
. interflex deltaReserves_Imports  ElectionPeriod US10YrYields_AnnAvg ldeltaReserves_Imports $trends ElectionYear  lagx_* cc_*, nbins(4) vce(robust) ylabel("Reserves") dlabel("Election")  xlabel("US Rates") ///
> title("Figure 3: Binning the Conditional Effects")
{txt}p value of Wald test: {res}0.0000
{txt}
{com}.  
.  
. *Figure 6: Election Share (model 6)
. interflex deltaReserves_Imports  preelec_share US10YrYields_AnnAvg ldeltaReserves_Imports $trends postelec_share lagx_* cc_*, vce(robust) bw(1.6) type(kernel) ylabel("Reserves") dlabel("Election Share")  xlabel("US Rates")  ///
> title("Figure 6: Kernel Estimates (Monthly Measure, Model 6)")
{res}{txt}
{com}.  
.  
. *Figure 8: Election Hybrid Share (model 8)
. interflex deltaReserves_Imports  preelec_share2 US10YrYields_AnnAvg ldeltaReserves_Imports $trends postelec_share lagx_* cc_*, vce(robust) bw(1.6) type(kernel) ylabel("Reserves") dlabel("Election Hybrid Share")  xlabel("US Rates")  ///
> title("Figure 8: Kernel Estimates (Hybrid Measure, Model 8)")
{res}{txt}
{com}.  
.  
. ************************************************************************************************************************************************************
. *Figure 4 High vs Low Yields
.  
. *Split by above and below 3
. gen hirates = 0 if      US10YrYields_AnnAvg !=. 
{txt}
{com}. replace hirates  = 1 if  US10YrYields_AnnAvg >3 &  US10YrYields_AnnAvg  !=. 
{txt}(749 real changes made)

{com}. 
. regress deltaReserves_Imports i.ElectionPeriod##i.hirates ElectionYear l.(deltaReserves_Imports GDPpcap GDPgrowth ny_gdp_totl_rt_zs CurrAcctBal_PerGDP ExtDebtStocks_PerGNI DebtService_PerGDP Inflation_annGDPdeflator PegBandManaged_NoUnion lvaw_garriga Taxes_PerGDP BestCRtg cyrs dyrs v2x_polyarchy Left) i.country_num c.year##c.GlobalReserveLevels, robust

{txt}Linear regression                               Number of obs     = {res}       700
                                                {txt}{help j_robustsingular:F(70, 627) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1056
                                                {txt}Root MSE          =    {res} 1.0748

{txt}{hline 29}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 30}{c |}{col 42}    Robust
{col 1}       deltaReserves_Imports{col 30}{c |}      Coef.{col 42}   Std. Err.{col 54}      t{col 62}   P>|t|{col 70}     [95% Con{col 83}f. Interval]
{hline 29}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}1.ElectionPeriod {c |}{col 30}{res}{space 2}-.0864821{col 42}{space 2} .1212921{col 53}{space 1}   -0.71{col 62}{space 3}0.476{col 70}{space 4}-.3246701{col 83}{space 3}  .151706
{txt}{space 19}1.hirates {c |}{col 30}{res}{space 2} .7984592{col 42}{space 2} .2696337{col 53}{space 1}    2.96{col 62}{space 3}0.003{col 70}{space 4} .2689647{col 83}{space 3} 1.327954
{txt}{space 28} {c |}
{space 6}ElectionPeriod#hirates {c |}
{space 24}1 1  {c |}{col 30}{res}{space 2}-.2311471{col 42}{space 2} .1633154{col 53}{space 1}   -1.42{col 62}{space 3}0.157{col 70}{space 4}-.5518585{col 83}{space 3} .0895644
{txt}{space 28} {c |}
{space 16}ElectionYear {c |}{col 30}{res}{space 2} .1038638{col 42}{space 2} .1294342{col 53}{space 1}    0.80{col 62}{space 3}0.423{col 70}{space 4}-.1503133{col 83}{space 3} .3580408
{txt}{space 28} {c |}
{space 7}deltaReserves_Imports {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.1986453{col 42}{space 2} .0578435{col 53}{space 1}   -3.43{col 62}{space 3}0.001{col 70}{space 4}-.3122358{col 83}{space 3}-.0850549
{txt}{space 28} {c |}
{space 21}GDPpcap {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0000646{col 42}{space 2} .0000602{col 53}{space 1}    1.07{col 62}{space 3}0.283{col 70}{space 4}-.0000535{col 83}{space 3} .0001828
{txt}{space 28} {c |}
{space 19}GDPgrowth {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0061401{col 42}{space 2} .0184053{col 53}{space 1}    0.33{col 62}{space 3}0.739{col 70}{space 4}-.0300034{col 83}{space 3} .0422836
{txt}{space 28} {c |}
{space 11}ny_gdp_totl_rt_zs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0094485{col 42}{space 2} .0196779{col 53}{space 1}   -0.48{col 62}{space 3}0.631{col 70}{space 4}-.0480911{col 83}{space 3} .0291941
{txt}{space 28} {c |}
{space 10}CurrAcctBal_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0010551{col 42}{space 2} .0078957{col 53}{space 1}    0.13{col 62}{space 3}0.894{col 70}{space 4}-.0144501{col 83}{space 3} .0165603
{txt}{space 28} {c |}
{space 8}ExtDebtStocks_PerGNI {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0004524{col 42}{space 2} .0011617{col 53}{space 1}   -0.39{col 62}{space 3}0.697{col 70}{space 4}-.0027336{col 83}{space 3} .0018288
{txt}{space 28} {c |}
{space 10}DebtService_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-1.575952{col 42}{space 2} 1.234895{col 53}{space 1}   -1.28{col 62}{space 3}0.202{col 70}{space 4}-4.000983{col 83}{space 3} .8490793
{txt}{space 28} {c |}
{space 4}Inflation_annGDPdeflator {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0116394{col 42}{space 2} .0075386{col 53}{space 1}    1.54{col 62}{space 3}0.123{col 70}{space 4}-.0031646{col 83}{space 3} .0264434
{txt}{space 28} {c |}
{space 6}PegBandManaged_NoUnion {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .1679191{col 42}{space 2} .1653921{col 53}{space 1}    1.02{col 62}{space 3}0.310{col 70}{space 4}-.1568705{col 83}{space 3} .4927087
{txt}{space 28} {c |}
{space 16}lvaw_garriga {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.5813567{col 42}{space 2} .6252911{col 53}{space 1}   -0.93{col 62}{space 3}0.353{col 70}{space 4}-1.809275{col 83}{space 3} .6465617
{txt}{space 28} {c |}
{space 16}Taxes_PerGDP {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} 3.820396{col 42}{space 2}   2.2969{col 53}{space 1}    1.66{col 62}{space 3}0.097{col 70}{space 4}-.6901528{col 83}{space 3} 8.330945
{txt}{space 28} {c |}
{space 20}BestCRtg {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0463603{col 42}{space 2} .0306573{col 53}{space 1}    1.51{col 62}{space 3}0.131{col 70}{space 4}-.0138432{col 83}{space 3} .1065637
{txt}{space 28} {c |}
{space 24}cyrs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .0128838{col 42}{space 2} .0134059{col 53}{space 1}    0.96{col 62}{space 3}0.337{col 70}{space 4}-.0134421{col 83}{space 3} .0392097
{txt}{space 28} {c |}
{space 24}dyrs {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0210874{col 42}{space 2} .0119147{col 53}{space 1}   -1.77{col 62}{space 3}0.077{col 70}{space 4}-.0444848{col 83}{space 3} .0023101
{txt}{space 28} {c |}
{space 15}v2x_polyarchy {c |}
{space 25}L1. {c |}{col 30}{res}{space 2} .7238055{col 42}{space 2} .9534412{col 53}{space 1}    0.76{col 62}{space 3}0.448{col 70}{space 4}-1.148519{col 83}{space 3}  2.59613
{txt}{space 28} {c |}
{space 21}LeftGov {c |}
{space 25}L1. {c |}{col 30}{res}{space 2}-.0050868{col 42}{space 2} .1204401{col 53}{space 1}   -0.04{col 62}{space 3}0.966{col 70}{space 4}-.2416017{col 83}{space 3}  .231428
{txt}{space 28} {c |}
{space 17}country_num {c |}
{space 24}ARG  {c |}{col 30}{res}{space 2}-1.051068{col 42}{space 2} .6954278{col 53}{space 1}   -1.51{col 62}{space 3}0.131{col 70}{space 4}-2.416718{col 83}{space 3} .3145815
{txt}{space 24}ARM  {c |}{col 30}{res}{space 2}-.1498118{col 42}{space 2} .3065383{col 53}{space 1}   -0.49{col 62}{space 3}0.625{col 70}{space 4}-.7517779{col 83}{space 3} .4521543
{txt}{space 24}BGD  {c |}{col 30}{res}{space 2}  .027303{col 42}{space 2} .5112821{col 53}{space 1}    0.05{col 62}{space 3}0.957{col 70}{space 4}-.9767296{col 83}{space 3} 1.031336
{txt}{space 24}BGR  {c |}{col 30}{res}{space 2} .0724996{col 42}{space 2} .4190846{col 53}{space 1}    0.17{col 62}{space 3}0.863{col 70}{space 4}-.7504797{col 83}{space 3} .8954789
{txt}{space 24}BIH  {c |}{col 30}{res}{space 2} .2114267{col 42}{space 2} .3367245{col 53}{space 1}    0.63{col 62}{space 3}0.530{col 70}{space 4}-.4498176{col 83}{space 3}  .872671
{txt}{space 24}BRA  {c |}{col 30}{res}{space 2}-.4622907{col 42}{space 2}  .820023{col 53}{space 1}   -0.56{col 62}{space 3}0.573{col 70}{space 4}-2.072615{col 83}{space 3} 1.148033
{txt}{space 24}BWA  {c |}{col 30}{res}{space 2}-.9875907{col 42}{space 2} .7779083{col 53}{space 1}   -1.27{col 62}{space 3}0.205{col 70}{space 4}-2.515212{col 83}{space 3} .5400304
{txt}{space 24}DOM  {c |}{col 30}{res}{space 2} .1279218{col 42}{space 2} .3358964{col 53}{space 1}    0.38{col 62}{space 3}0.703{col 70}{space 4}-.5316964{col 83}{space 3}   .78754
{txt}{space 24}ECU  {c |}{col 30}{res}{space 2}-.0202736{col 42}{space 2} .3975972{col 53}{space 1}   -0.05{col 62}{space 3}0.959{col 70}{space 4}-.8010571{col 83}{space 3} .7605098
{txt}{space 24}GEO  {c |}{col 30}{res}{space 2}   .02216{col 42}{space 2} .2948722{col 53}{space 1}    0.08{col 62}{space 3}0.940{col 70}{space 4}-.5568967{col 83}{space 3} .6012167
{txt}{space 24}GHA  {c |}{col 30}{res}{space 2} .1049861{col 42}{space 2} .5409339{col 53}{space 1}    0.19{col 62}{space 3}0.846{col 70}{space 4}-.9572755{col 83}{space 3} 1.167248
{txt}{space 24}GMB  {c |}{col 30}{res}{space 2} .8871659{col 42}{space 2} .5789462{col 53}{space 1}    1.53{col 62}{space 3}0.126{col 70}{space 4}-.2497425{col 83}{space 3} 2.024074
{txt}{space 24}GTM  {c |}{col 30}{res}{space 2} .7333779{col 42}{space 2} .3391358{col 53}{space 1}    2.16{col 62}{space 3}0.031{col 70}{space 4} .0673985{col 83}{space 3} 1.399357
{txt}{space 24}HND  {c |}{col 30}{res}{space 2}-.1992763{col 42}{space 2} .3136414{col 53}{space 1}   -0.64{col 62}{space 3}0.525{col 70}{space 4}-.8151911{col 83}{space 3} .4166386
{txt}{space 24}HTI  {c |}{col 30}{res}{space 2} .4688781{col 42}{space 2} .6111438{col 53}{space 1}    0.77{col 62}{space 3}0.443{col 70}{space 4}-.7312583{col 83}{space 3} 1.669015
{txt}{space 24}IDN  {c |}{col 30}{res}{space 2} .3383357{col 42}{space 2}  .439729{col 53}{space 1}    0.77{col 62}{space 3}0.442{col 70}{space 4}-.5251842{col 83}{space 3} 1.201856
{txt}{space 24}IND  {c |}{col 30}{res}{space 2} .2910412{col 42}{space 2} .7048197{col 53}{space 1}    0.41{col 62}{space 3}0.680{col 70}{space 4}-1.093052{col 83}{space 3} 1.675134
{txt}{space 24}JAM  {c |}{col 30}{res}{space 2}-.3935504{col 42}{space 2} .5179403{col 53}{space 1}   -0.76{col 62}{space 3}0.448{col 70}{space 4}-1.410658{col 83}{space 3} .6235572
{txt}{space 24}KEN  {c |}{col 30}{res}{space 2} .2265488{col 42}{space 2} .3500283{col 53}{space 1}    0.65{col 62}{space 3}0.518{col 70}{space 4}-.4608209{col 83}{space 3} .9139185
{txt}{space 24}KGZ  {c |}{col 30}{res}{space 2} .0274293{col 42}{space 2} .3750717{col 53}{space 1}    0.07{col 62}{space 3}0.942{col 70}{space 4}-.7091195{col 83}{space 3} .7639781
{txt}{space 24}LBN  {c |}{col 30}{res}{space 2} .7486973{col 42}{space 2} .6380996{col 53}{space 1}    1.17{col 62}{space 3}0.241{col 70}{space 4}-.5043737{col 83}{space 3} 2.001768
{txt}{space 24}LBR  {c |}{col 30}{res}{space 2} .5615509{col 42}{space 2}  .612631{col 53}{space 1}    0.92{col 62}{space 3}0.360{col 70}{space 4}-.6415061{col 83}{space 3} 1.764608
{txt}{space 24}LKA  {c |}{col 30}{res}{space 2}-.0686938{col 42}{space 2} .4007075{col 53}{space 1}   -0.17{col 62}{space 3}0.864{col 70}{space 4}-.8555852{col 83}{space 3} .7181975
{txt}{space 24}LSO  {c |}{col 30}{res}{space 2} -.713318{col 42}{space 2} .7030231{col 53}{space 1}   -1.01{col 62}{space 3}0.311{col 70}{space 4}-2.093883{col 83}{space 3} .6672468
{txt}{space 24}MDA  {c |}{col 30}{res}{space 2}-.0312957{col 42}{space 2} .2723482{col 53}{space 1}   -0.11{col 62}{space 3}0.909{col 70}{space 4}-.5661208{col 83}{space 3} .5035293
{txt}{space 24}MDG  {c |}{col 30}{res}{space 2} .3903749{col 42}{space 2} .4411158{col 53}{space 1}    0.88{col 62}{space 3}0.377{col 70}{space 4}-.4758683{col 83}{space 3} 1.256618
{txt}{space 24}MNG  {c |}{col 30}{res}{space 2}-.0676254{col 42}{space 2} .4853618{col 53}{space 1}   -0.14{col 62}{space 3}0.889{col 70}{space 4}-1.020757{col 83}{space 3}  .885506
{txt}{space 24}MOZ  {c |}{col 30}{res}{space 2} .0491631{col 42}{space 2} .5783323{col 53}{space 1}    0.09{col 62}{space 3}0.932{col 70}{space 4} -1.08654{col 83}{space 3} 1.184866
{txt}{space 24}MRT  {c |}{col 30}{res}{space 2}  1.60372{col 42}{space 2}  .553451{col 53}{space 1}    2.90{col 62}{space 3}0.004{col 70}{space 4}  .516878{col 83}{space 3} 2.690562
{txt}{space 24}MUS  {c |}{col 30}{res}{space 2}-.3708988{col 42}{space 2} .5842784{col 53}{space 1}   -0.63{col 62}{space 3}0.526{col 70}{space 4}-1.518278{col 83}{space 3} .7764806
{txt}{space 24}MWI  {c |}{col 30}{res}{space 2}-.0626463{col 42}{space 2} .4466695{col 53}{space 1}   -0.14{col 62}{space 3}0.889{col 70}{space 4}-.9397957{col 83}{space 3} .8145031
{txt}{space 24}NIC  {c |}{col 30}{res}{space 2} .4091836{col 42}{space 2} .3430922{col 53}{space 1}    1.19{col 62}{space 3}0.233{col 70}{space 4}-.2645653{col 83}{space 3} 1.082933
{txt}{space 24}NPL  {c |}{col 30}{res}{space 2} -.148105{col 42}{space 2} .7995354{col 53}{space 1}   -0.19{col 62}{space 3}0.853{col 70}{space 4}-1.718196{col 83}{space 3} 1.421986
{txt}{space 24}PAK  {c |}{col 30}{res}{space 2}-.1316901{col 42}{space 2} .6527856{col 53}{space 1}   -0.20{col 62}{space 3}0.840{col 70}{space 4}-1.413601{col 83}{space 3} 1.150221
{txt}{space 24}PAN  {c |}{col 30}{res}{space 2}-.7264981{col 42}{space 2} .7865605{col 53}{space 1}   -0.92{col 62}{space 3}0.356{col 70}{space 4} -2.27111{col 83}{space 3} .8181137
{txt}{space 24}PER  {c |}{col 30}{res}{space 2} .1601459{col 42}{space 2} .5058468{col 53}{space 1}    0.32{col 62}{space 3}0.752{col 70}{space 4}-.8332131{col 83}{space 3} 1.153505
{txt}{space 24}PHL  {c |}{col 30}{res}{space 2}  .505471{col 42}{space 2} .4209376{col 53}{space 1}    1.20{col 62}{space 3}0.230{col 70}{space 4}-.3211471{col 83}{space 3} 1.332089
{txt}{space 24}PNG  {c |}{col 30}{res}{space 2} .3991626{col 42}{space 2} .5369906{col 53}{space 1}    0.74{col 62}{space 3}0.458{col 70}{space 4}-.6553552{col 83}{space 3} 1.453681
{txt}{space 24}PRY  {c |}{col 30}{res}{space 2} .3332142{col 42}{space 2} .4183622{col 53}{space 1}    0.80{col 62}{space 3}0.426{col 70}{space 4}-.4883466{col 83}{space 3} 1.154775
{txt}{space 24}ROU  {c |}{col 30}{res}{space 2}-.1289651{col 42}{space 2}  .441233{col 53}{space 1}   -0.29{col 62}{space 3}0.770{col 70}{space 4}-.9954385{col 83}{space 3} .7375083
{txt}{space 24}SLE  {c |}{col 30}{res}{space 2} .4562481{col 42}{space 2} .4891312{col 53}{space 1}    0.93{col 62}{space 3}0.351{col 70}{space 4}-.5042856{col 83}{space 3} 1.416782
{txt}{space 24}SLV  {c |}{col 30}{res}{space 2}  .153493{col 42}{space 2} .3129696{col 53}{space 1}    0.49{col 62}{space 3}0.624{col 70}{space 4}-.4611026{col 83}{space 3} .7680886
{txt}{space 24}THA  {c |}{col 30}{res}{space 2}-.4826576{col 42}{space 2} .5552564{col 53}{space 1}   -0.87{col 62}{space 3}0.385{col 70}{space 4}-1.573045{col 83}{space 3} .6077297
{txt}{space 24}TLS  {c |}{col 30}{res}{space 2}  2.38159{col 42}{space 2} 1.896819{col 53}{space 1}    1.26{col 62}{space 3}0.210{col 70}{space 4}-1.343296{col 83}{space 3} 6.106477
{txt}{space 24}TUN  {c |}{col 30}{res}{space 2}-.3303368{col 42}{space 2} .6648109{col 53}{space 1}   -0.50{col 62}{space 3}0.619{col 70}{space 4}-1.635862{col 83}{space 3} .9751887
{txt}{space 24}TZA  {c |}{col 30}{res}{space 2} .0934034{col 42}{space 2}  .472842{col 53}{space 1}    0.20{col 62}{space 3}0.843{col 70}{space 4}-.8351423{col 83}{space 3} 1.021949
{txt}{space 24}UKR  {c |}{col 30}{res}{space 2} -.343383{col 42}{space 2} .4369839{col 53}{space 1}   -0.79{col 62}{space 3}0.432{col 70}{space 4}-1.201512{col 83}{space 3} .5147462
{txt}{space 24}ZAF  {c |}{col 30}{res}{space 2}-.3241422{col 42}{space 2} .6082405{col 53}{space 1}   -0.53{col 62}{space 3}0.594{col 70}{space 4}-1.518577{col 83}{space 3} .8702929
{txt}{space 24}ZMB  {c |}{col 30}{res}{space 2}  .048036{col 42}{space 2} .5272076{col 53}{space 1}    0.09{col 62}{space 3}0.927{col 70}{space 4}-.9872704{col 83}{space 3} 1.083342
{txt}{space 28} {c |}
{space 24}year {c |}{col 30}{res}{space 2} .0035727{col 42}{space 2} .0661517{col 53}{space 1}    0.05{col 62}{space 3}0.957{col 70}{space 4} -.126333{col 83}{space 3} .1334784
{txt}{space 9}GlobalReserveLevels {c |}{col 30}{res}{space 2}-5.73e-12{col 42}{space 2} 1.05e-11{col 53}{space 1}   -0.55{col 62}{space 3}0.584{col 70}{space 4}-2.63e-11{col 83}{space 3} 1.48e-11
{txt}{space 28} {c |}
c.year#c.GlobalReserveLevels {c |}{col 30}{res}{space 2} 2.86e-15{col 42}{space 2} 5.23e-15{col 53}{space 1}    0.55{col 62}{space 3}0.585{col 70}{space 4}-7.42e-15{col 83}{space 3} 1.31e-14
{txt}{space 28} {c |}
{space 23}_cons {c |}{col 30}{res}{space 2}-9.358271{col 42}{space 2} 132.2251{col 53}{space 1}   -0.07{col 62}{space 3}0.944{col 70}{space 4}-269.0159{col 83}{space 3} 250.2993
{txt}{hline 29}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. 
. 
. margins, dydx(ElectionPeriod) at(hirates=(0 1)) level(95)
{res}
{txt}Average marginal effects{col 49}Number of obs{col 67}= {res}       700
{txt}Model VCE{col 14}: {res}Robust

{txt}{p2colset 1 14 16 2}{...}
{p2col:Expression}:{space 1}{res:Linear prediction, predict()}{p_end}
{p2colreset}{...}
{txt}{p2colset 1 14 16 2}{...}
{p2col:dy/dx w.r.t.}:{space 1}{res:1.ElectionPeriod}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:1._at}:{space 1}{res:{txt:hirates}{space 9}{txt:=} {space 10}0}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:2._at}:{space 1}{res:{txt:hirates}{space 9}{txt:=} {space 10}1}{p_end}
{p2colreset}{...}

{res}{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31} Delta-method
{col 19}{c |}      dy/dx{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}{res}0.ElectionPeriod {col 19}{txt}{c |}  (base outcome)
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}1.ElectionPeriod  {txt}{c |}
{space 14}_at {c |}
{space 15}1  {c |}{col 19}{res}{space 2}-.0864821{col 31}{space 2} .1212921{col 42}{space 1}   -0.71{col 51}{space 3}0.476{col 59}{space 4}-.3246701{col 72}{space 3} .1517059
{txt}{space 15}2  {c |}{col 19}{res}{space 2}-.3176291{col 31}{space 2} .1473414{col 42}{space 1}   -2.16{col 51}{space 3}0.031{col 59}{space 4}-.6069715{col 72}{space 3}-.0282868
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{p 0 6 0 83}Note: dy/dx for factor levels is the discrete change from the base level.{txt}{p_end}
{res}{txt}
{com}. marginsplot, noseparator yline(0, lc(black) lpattern(solid)) ///
>     xscale(lstyle(none)) xlabel(-.25 " " 0 "Low" 1 "High" 1.25 " ", notick) ///
>     recast(scatter) ///
>     plot1opts(msymbol(O) mcolor(black)) ///
>     recastci(rcap) ///
>     ciopts(lc(black%80)) ///
> title("Figure 4: Predicted Effect of Election Periods on Reserve Levels", size (mediumsmall)) subtitle("by US Low and High Treasury Yields", size (small)) ///
> note("95% confidence intervals", size(small)) ///
> ytitle("Change in Reserves") xtitle("US Yields")
{res}
{text}{p 2 6 2}Variables that uniquely identify margins: hirates{p_end}
{p 0 4 2}
{txt}(note:  named style
mediumsmall not found in class
gsize,  default attributes used)
{p_end}
{res}{txt}
{com}. 
. 
. ************************************************************************************************************************************************************
. *Figure 9 Split Sample by reserves thresholds
. 
. **Reserves more than 6 months
. regress deltaReserves_Imports i.ElectionPeriod##c.US10YrYields_AnnAvg  l.deltaReserves_Imports  i.country_num c.year##c.GlobalReserveLevels if l.Reserves_MonthsOfImports >=6 & Reserves_MonthsOfImports!=., robust

{txt}Linear regression                               Number of obs     = {res}       306
                                                {txt}{help j_robustsingular:F(38, 261) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1813
                                                {txt}Root MSE          =    {res} 1.9514

{txt}{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}               deltaReserves_Imports{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}1.ElectionPeriod {c |}{col 38}{res}{space 2} 1.971654{col 50}{space 2} .8581291{col 61}{space 1}    2.30{col 70}{space 3}0.022{col 78}{space 4} .2819168{col 91}{space 3} 3.661392
{txt}{space 17}US10YrYields_AnnAvg {c |}{col 38}{res}{space 2}-1.044258{col 50}{space 2} .3116305{col 61}{space 1}   -3.35{col 70}{space 3}0.001{col 78}{space 4}-1.657888{col 91}{space 3}-.4306284
{txt}{space 36} {c |}
ElectionPeriod#c.US10YrYields_AnnAvg {c |}
{space 34}1  {c |}{col 38}{res}{space 2}-.7140752{col 50}{space 2} .2902631{col 61}{space 1}   -2.46{col 70}{space 3}0.015{col 78}{space 4}-1.285631{col 91}{space 3}-.1425197
{txt}{space 36} {c |}
{space 15}deltaReserves_Imports {c |}
{space 33}L1. {c |}{col 38}{res}{space 2}-.1450506{col 50}{space 2} .0830935{col 61}{space 1}   -1.75{col 70}{space 3}0.082{col 78}{space 4}-.3086697{col 91}{space 3} .0185684
{txt}{space 36} {c |}
{space 25}country_num {c |}
{space 32}ARG  {c |}{col 38}{res}{space 2} .1519631{col 50}{space 2} .7071008{col 61}{space 1}    0.21{col 70}{space 3}0.830{col 78}{space 4}-1.240385{col 91}{space 3} 1.544312
{txt}{space 32}BGR  {c |}{col 38}{res}{space 2} .1991956{col 50}{space 2}  .409988{col 61}{space 1}    0.49{col 70}{space 3}0.627{col 78}{space 4}-.6081095{col 91}{space 3} 1.006501
{txt}{space 32}BIH  {c |}{col 38}{res}{space 2} .3710423{col 50}{space 2} .5492052{col 61}{space 1}    0.68{col 70}{space 3}0.500{col 78}{space 4}-.7103948{col 91}{space 3} 1.452479
{txt}{space 32}BOL  {c |}{col 38}{res}{space 2} .1912845{col 50}{space 2} .6915218{col 61}{space 1}    0.28{col 70}{space 3}0.782{col 78}{space 4}-1.170387{col 91}{space 3} 1.552956
{txt}{space 32}BRA  {c |}{col 38}{res}{space 2} .3614593{col 50}{space 2} .6415639{col 61}{space 1}    0.56{col 70}{space 3}0.574{col 78}{space 4}-.9018408{col 91}{space 3} 1.624759
{txt}{space 32}BWA  {c |}{col 38}{res}{space 2}  -.69906{col 50}{space 2} .6594291{col 61}{space 1}   -1.06{col 70}{space 3}0.290{col 78}{space 4}-1.997538{col 91}{space 3} .5994184
{txt}{space 32}GMB  {c |}{col 38}{res}{space 2} 2.399038{col 50}{space 2} 1.876495{col 61}{space 1}    1.28{col 70}{space 3}0.202{col 78}{space 4}-1.295959{col 91}{space 3} 6.094035
{txt}{space 32}GTM  {c |}{col 38}{res}{space 2} .9465579{col 50}{space 2} .7089027{col 61}{space 1}    1.34{col 70}{space 3}0.183{col 78}{space 4}-.4493387{col 91}{space 3} 2.342454
{txt}{space 32}HRV  {c |}{col 38}{res}{space 2} .3645737{col 50}{space 2}  .399179{col 61}{space 1}    0.91{col 70}{space 3}0.362{col 78}{space 4}-.4214475{col 91}{space 3} 1.150595
{txt}{space 32}HTI  {c |}{col 38}{res}{space 2} .0653271{col 50}{space 2} .8283263{col 61}{space 1}    0.08{col 70}{space 3}0.937{col 78}{space 4}-1.565726{col 91}{space 3}  1.69638
{txt}{space 32}IDN  {c |}{col 38}{res}{space 2} .1348747{col 50}{space 2} .4404106{col 61}{space 1}    0.31{col 70}{space 3}0.760{col 78}{space 4}-.7323356{col 91}{space 3} 1.002085
{txt}{space 32}IND  {c |}{col 38}{res}{space 2}  .324591{col 50}{space 2} .5777829{col 61}{space 1}    0.56{col 70}{space 3}0.575{col 78}{space 4}-.8131183{col 91}{space 3}   1.4623
{txt}{space 32}IRQ  {c |}{col 38}{res}{space 2}-.0879031{col 50}{space 2} 1.070454{col 61}{space 1}   -0.08{col 70}{space 3}0.935{col 78}{space 4}-2.195728{col 91}{space 3} 2.019922
{txt}{space 32}JAM  {c |}{col 38}{res}{space 2}  .533449{col 50}{space 2} .6781298{col 61}{space 1}    0.79{col 70}{space 3}0.432{col 78}{space 4}-.8018528{col 91}{space 3} 1.868751
{txt}{space 32}LBN  {c |}{col 38}{res}{space 2}  1.17671{col 50}{space 2} .9718408{col 61}{space 1}    1.21{col 70}{space 3}0.227{col 78}{space 4}-.7369365{col 91}{space 3} 3.090357
{txt}{space 32}LSO  {c |}{col 38}{res}{space 2}-1.482278{col 50}{space 2} .9505867{col 61}{space 1}   -1.56{col 70}{space 3}0.120{col 78}{space 4}-3.354073{col 91}{space 3} .3895172
{txt}{space 32}MDA  {c |}{col 38}{res}{space 2}-.4495769{col 50}{space 2} .4713284{col 61}{space 1}   -0.95{col 70}{space 3}0.341{col 78}{space 4}-1.377667{col 91}{space 3} .4785133
{txt}{space 32}MNG  {c |}{col 38}{res}{space 2}-1.637157{col 50}{space 2} .9270501{col 61}{space 1}   -1.77{col 70}{space 3}0.079{col 78}{space 4}-3.462606{col 91}{space 3} .1882927
{txt}{space 32}MUS  {c |}{col 38}{res}{space 2}  .935125{col 50}{space 2} .5404383{col 61}{space 1}    1.73{col 70}{space 3}0.085{col 78}{space 4}-.1290492{col 91}{space 3} 1.999299
{txt}{space 32}MYS  {c |}{col 38}{res}{space 2}-.0186679{col 50}{space 2} .4603831{col 61}{space 1}   -0.04{col 70}{space 3}0.968{col 78}{space 4}-.9252057{col 91}{space 3} .8878699
{txt}{space 32}NGA  {c |}{col 38}{res}{space 2}-.3276228{col 50}{space 2} .8190243{col 61}{space 1}   -0.40{col 70}{space 3}0.689{col 78}{space 4}-1.940359{col 91}{space 3} 1.285114
{txt}{space 32}NPL  {c |}{col 38}{res}{space 2} .0398334{col 50}{space 2} .8534873{col 61}{space 1}    0.05{col 70}{space 3}0.963{col 78}{space 4}-1.640764{col 91}{space 3} 1.720431
{txt}{space 32}PER  {c |}{col 38}{res}{space 2} .5495916{col 50}{space 2} .5297098{col 61}{space 1}    1.04{col 70}{space 3}0.300{col 78}{space 4}-.4934573{col 91}{space 3}  1.59264
{txt}{space 32}PHL  {c |}{col 38}{res}{space 2} .3771228{col 50}{space 2} .6056321{col 61}{space 1}    0.62{col 70}{space 3}0.534{col 78}{space 4}-.8154241{col 91}{space 3}  1.56967
{txt}{space 32}PNG  {c |}{col 38}{res}{space 2}-2.418971{col 50}{space 2} .5007305{col 61}{space 1}   -4.83{col 70}{space 3}0.000{col 78}{space 4}-3.404956{col 91}{space 3}-1.432985
{txt}{space 32}PRY  {c |}{col 38}{res}{space 2} .7732783{col 50}{space 2} .6486043{col 61}{space 1}    1.19{col 70}{space 3}0.234{col 78}{space 4} -.503885{col 91}{space 3} 2.050442
{txt}{space 32}ROU  {c |}{col 38}{res}{space 2}-.2640677{col 50}{space 2} .4966615{col 61}{space 1}   -0.53{col 70}{space 3}0.595{col 78}{space 4}-1.242041{col 91}{space 3} .7139058
{txt}{space 32}SLE  {c |}{col 38}{res}{space 2}-1.536361{col 50}{space 2}   .46485{col 61}{space 1}   -3.31{col 70}{space 3}0.001{col 78}{space 4}-2.451695{col 91}{space 3}-.6210273
{txt}{space 32}SRB  {c |}{col 38}{res}{space 2}-.4874207{col 50}{space 2} .4673027{col 61}{space 1}   -1.04{col 70}{space 3}0.298{col 78}{space 4}-1.407584{col 91}{space 3} .4327425
{txt}{space 32}THA  {c |}{col 38}{res}{space 2}-.6932419{col 50}{space 2} .5670932{col 61}{space 1}   -1.22{col 70}{space 3}0.223{col 78}{space 4}-1.809902{col 91}{space 3} .4234184
{txt}{space 32}TLS  {c |}{col 38}{res}{space 2}-.4304706{col 50}{space 2} .8454888{col 61}{space 1}   -0.51{col 70}{space 3}0.611{col 78}{space 4}-2.095318{col 91}{space 3} 1.234377
{txt}{space 32}TTO  {c |}{col 38}{res}{space 2} .3261029{col 50}{space 2} .5449015{col 61}{space 1}    0.60{col 70}{space 3}0.550{col 78}{space 4}-.7468597{col 91}{space 3} 1.399066
{txt}{space 32}TUN  {c |}{col 38}{res}{space 2}-.7037239{col 50}{space 2} .4799673{col 61}{space 1}   -1.47{col 70}{space 3}0.144{col 78}{space 4}-1.648825{col 91}{space 3} .2413772
{txt}{space 32}TZA  {c |}{col 38}{res}{space 2}-.6799016{col 50}{space 2} .6315367{col 61}{space 1}   -1.08{col 70}{space 3}0.283{col 78}{space 4}-1.923457{col 91}{space 3}  .563654
{txt}{space 32}URY  {c |}{col 38}{res}{space 2}  .131398{col 50}{space 2} .5564064{col 61}{space 1}    0.24{col 70}{space 3}0.813{col 78}{space 4}-.9642189{col 91}{space 3} 1.227015
{txt}{space 32}VEN  {c |}{col 38}{res}{space 2}-.2474937{col 50}{space 2}  1.14094{col 61}{space 1}   -0.22{col 70}{space 3}0.828{col 78}{space 4}-2.494113{col 91}{space 3} 1.999126
{txt}{space 32}ZAF  {c |}{col 38}{res}{space 2}-.3951168{col 50}{space 2} .4684707{col 61}{space 1}   -0.84{col 70}{space 3}0.400{col 78}{space 4} -1.31758{col 91}{space 3} .5273464
{txt}{space 36} {c |}
{space 32}year {c |}{col 38}{res}{space 2} .2935385{col 50}{space 2} .1855872{col 61}{space 1}    1.58{col 70}{space 3}0.115{col 78}{space 4}-.0719003{col 91}{space 3} .6589774
{txt}{space 17}GlobalReserveLevels {c |}{col 38}{res}{space 2} 5.60e-11{col 50}{space 2} 2.78e-11{col 61}{space 1}    2.01{col 70}{space 3}0.045{col 78}{space 4} 1.24e-12{col 91}{space 3} 1.11e-10
{txt}{space 36} {c |}
{space 8}c.year#c.GlobalReserveLevels {c |}{col 38}{res}{space 2}-2.81e-14{col 50}{space 2} 1.39e-14{col 61}{space 1}   -2.02{col 70}{space 3}0.044{col 78}{space 4}-5.55e-14{col 91}{space 3}-7.58e-16
{txt}{space 36} {c |}
{space 31}_cons {c |}{col 38}{res}{space 2}-582.0237{col 50}{space 2} 371.4829{col 61}{space 1}   -1.57{col 70}{space 3}0.118{col 78}{space 4}-1313.509{col 91}{space 3} 149.4614
{txt}{hline 37}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. margins, dydx(ElectionPeriod) at(US10YrYields_AnnAvg=(1.75(.25)5)) level(95)
{res}
{txt}Average marginal effects{col 49}Number of obs{col 67}= {res}       306
{txt}Model VCE{col 14}: {res}Robust

{txt}{p2colset 1 14 16 2}{...}
{p2col:Expression}:{space 1}{res:Linear prediction, predict()}{p_end}
{p2colreset}{...}
{txt}{p2colset 1 14 16 2}{...}
{p2col:dy/dx w.r.t.}:{space 1}{res:1.ElectionPeriod}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:1._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}1.75}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:2._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 10}2}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:3._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}2.25}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:4._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}2.5}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:5._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}2.75}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:6._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 10}3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:7._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}3.25}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:8._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}3.5}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:9._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}3.75}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:10._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 10}4}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:11._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}4.25}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:12._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}4.5}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:13._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}4.75}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:14._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 10}5}{p_end}
{p2colreset}{...}

{res}{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31} Delta-method
{col 19}{c |}      dy/dx{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}{res}0.ElectionPeriod {col 19}{txt}{c |}  (base outcome)
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}1.ElectionPeriod  {txt}{c |}
{space 14}_at {c |}
{space 15}1  {c |}{col 19}{res}{space 2} .7220226{col 31}{space 2} .3935425{col 42}{space 1}    1.83{col 51}{space 3}0.068{col 59}{space 4}-.0528999{col 72}{space 3} 1.496945
{txt}{space 15}2  {c |}{col 19}{res}{space 2} .5435038{col 31}{space 2} .3375341{col 42}{space 1}    1.61{col 51}{space 3}0.109{col 59}{space 4}-.1211328{col 72}{space 3}  1.20814
{txt}{space 15}3  {c |}{col 19}{res}{space 2}  .364985{col 31}{space 2} .2889885{col 42}{space 1}    1.26{col 51}{space 3}0.208{col 59}{space 4}-.2040607{col 72}{space 3} .9340307
{txt}{space 15}4  {c |}{col 19}{res}{space 2} .1864662{col 31}{space 2} .2522522{col 42}{space 1}    0.74{col 51}{space 3}0.460{col 59}{space 4}-.3102422{col 72}{space 3} .6831746
{txt}{space 15}5  {c |}{col 19}{res}{space 2} .0079474{col 31}{space 2} .2329803{col 42}{space 1}    0.03{col 51}{space 3}0.973{col 59}{space 4}-.4508128{col 72}{space 3} .4667076
{txt}{space 15}6  {c |}{col 19}{res}{space 2}-.1705714{col 31}{space 2}  .235498{col 42}{space 1}   -0.72{col 51}{space 3}0.470{col 59}{space 4}-.6342892{col 72}{space 3} .2931464
{txt}{space 15}7  {c |}{col 19}{res}{space 2}-.3490902{col 31}{space 2} .2591727{col 42}{space 1}   -1.35{col 51}{space 3}0.179{col 59}{space 4}-.8594259{col 72}{space 3} .1612455
{txt}{space 15}8  {c |}{col 19}{res}{space 2} -.527609{col 31}{space 2} .2990209{col 42}{space 1}   -1.76{col 51}{space 3}0.079{col 59}{space 4}-1.116409{col 72}{space 3} .0611915
{txt}{space 15}9  {c |}{col 19}{res}{space 2}-.7061278{col 31}{space 2} .3495541{col 42}{space 1}   -2.02{col 51}{space 3}0.044{col 59}{space 4}-1.394433{col 72}{space 3}-.0178227
{txt}{space 14}10  {c |}{col 19}{res}{space 2}-.8846466{col 31}{space 2} .4068098{col 42}{space 1}   -2.17{col 51}{space 3}0.031{col 59}{space 4}-1.685694{col 72}{space 3}-.0835996
{txt}{space 14}11  {c |}{col 19}{res}{space 2}-1.063165{col 31}{space 2} .4683289{col 42}{space 1}   -2.27{col 51}{space 3}0.024{col 59}{space 4}-1.985349{col 72}{space 3}-.1409815
{txt}{space 14}12  {c |}{col 19}{res}{space 2}-1.241684{col 31}{space 2} .5326363{col 42}{space 1}   -2.33{col 51}{space 3}0.021{col 59}{space 4}-2.290496{col 72}{space 3}-.1928728
{txt}{space 14}13  {c |}{col 19}{res}{space 2}-1.420203{col 31}{space 2} .5988342{col 42}{space 1}   -2.37{col 51}{space 3}0.018{col 59}{space 4}-2.599364{col 72}{space 3}-.2410418
{txt}{space 14}14  {c |}{col 19}{res}{space 2}-1.598722{col 31}{space 2} .6663594{col 42}{space 1}   -2.40{col 51}{space 3}0.017{col 59}{space 4}-2.910847{col 72}{space 3} -.286597
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{p 0 6 0 83}Note: dy/dx for factor levels is the discrete change from the base level.{txt}{p_end}
{res}{txt}
{com}. marginsplot, noseparator yline(0, lc(black) lpattern(solid)) xscale(lstyle(none)) xlabel( 2(1)5,notick) recast(line) plot1opts(lpattern(dot)) recastci(rarea) ciopt(color(black%20)) ///
> title("", size (mediumsmall)) subtitle("Reserves are High", size (small)) ///
> note("95% confidence intervals", size(small)) ///
> ytitle("Change in Reserves") xtitle("US Rates") name(hi, replace)
{res}
{text}{p 2 6 2}Variables that uniquely identify margins: US10YrYields_AnnAvg{p_end}
{p 0 4 2}
{txt}(note:  named style
mediumsmall not found in class
gsize,  default attributes used)
{p_end}
{res}{txt}
{com}. 
. 
. **Reserves less than 6 months
. regress deltaReserves_Imports i.ElectionPeriod##c.US10YrYields_AnnAvg  l.deltaReserves_Imports  i.country_num c.year##c.GlobalReserveLevels if l.Reserves_MonthsOfImports <6, robust

{txt}Linear regression                               Number of obs     = {res}       738
                                                {txt}{help j_robustsingular:F(64, 671) }       =  {res}        .
                                                {txt}Prob > F          = {res}         .
                                                {txt}R-squared         = {res}    0.1537
                                                {txt}Root MSE          =    {res} .90814

{txt}{hline 37}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 38}{c |}{col 50}    Robust
{col 1}               deltaReserves_Imports{col 38}{c |}      Coef.{col 50}   Std. Err.{col 62}      t{col 70}   P>|t|{col 78}     [95% Con{col 91}f. Interval]
{hline 37}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 20}1.ElectionPeriod {c |}{col 38}{res}{space 2} .3519553{col 50}{space 2} .2208302{col 61}{space 1}    1.59{col 70}{space 3}0.111{col 78}{space 4} -.081646{col 91}{space 3} .7855566
{txt}{space 17}US10YrYields_AnnAvg {c |}{col 38}{res}{space 2}-.3972493{col 50}{space 2} .0749815{col 61}{space 1}   -5.30{col 70}{space 3}0.000{col 78}{space 4}-.5444759{col 91}{space 3}-.2500227
{txt}{space 36} {c |}
ElectionPeriod#c.US10YrYields_AnnAvg {c |}
{space 34}1  {c |}{col 38}{res}{space 2}-.1075584{col 50}{space 2} .0656333{col 61}{space 1}   -1.64{col 70}{space 3}0.102{col 78}{space 4}-.2364298{col 91}{space 3}  .021313
{txt}{space 36} {c |}
{space 15}deltaReserves_Imports {c |}
{space 33}L1. {c |}{col 38}{res}{space 2}-.1406715{col 50}{space 2} .0449384{col 61}{space 1}   -3.13{col 70}{space 3}0.002{col 78}{space 4}-.2289083{col 91}{space 3}-.0524347
{txt}{space 36} {c |}
{space 25}country_num {c |}
{space 32}ARG  {c |}{col 38}{res}{space 2} -.044599{col 50}{space 2} .3776102{col 61}{space 1}   -0.12{col 70}{space 3}0.906{col 78}{space 4}-.7860389{col 91}{space 3} .6968408
{txt}{space 32}ARM  {c |}{col 38}{res}{space 2}-.1347486{col 50}{space 2} .4233484{col 61}{space 1}   -0.32{col 70}{space 3}0.750{col 78}{space 4}-.9659957{col 91}{space 3} .6964984
{txt}{space 32}BGD  {c |}{col 38}{res}{space 2}-.1344616{col 50}{space 2} .3193113{col 61}{space 1}   -0.42{col 70}{space 3}0.674{col 78}{space 4}-.7614311{col 91}{space 3} .4925078
{txt}{space 32}BGR  {c |}{col 38}{res}{space 2} .4150682{col 50}{space 2} .4475885{col 61}{space 1}    0.93{col 70}{space 3}0.354{col 78}{space 4}-.4637744{col 91}{space 3} 1.293911
{txt}{space 32}BIH  {c |}{col 38}{res}{space 2} .3068942{col 50}{space 2} .3601323{col 61}{space 1}    0.85{col 70}{space 3}0.394{col 78}{space 4}-.4002276{col 91}{space 3} 1.014016
{txt}{space 32}BOL  {c |}{col 38}{res}{space 2}-.5837469{col 50}{space 2} .5265023{col 61}{space 1}   -1.11{col 70}{space 3}0.268{col 78}{space 4}-1.617537{col 91}{space 3} .4500433
{txt}{space 32}BRA  {c |}{col 38}{res}{space 2} .8476741{col 50}{space 2} .3707681{col 61}{space 1}    2.29{col 70}{space 3}0.023{col 78}{space 4} .1196689{col 91}{space 3} 1.575679
{txt}{space 32}CYP  {c |}{col 38}{res}{space 2}-.5420361{col 50}{space 2} .3630773{col 61}{space 1}   -1.49{col 70}{space 3}0.136{col 78}{space 4} -1.25494{col 91}{space 3} .1708683
{txt}{space 32}DOM  {c |}{col 38}{res}{space 2}-.0971863{col 50}{space 2}  .289016{col 61}{space 1}   -0.34{col 70}{space 3}0.737{col 78}{space 4} -.664671{col 91}{space 3} .4702983
{txt}{space 32}ECU  {c |}{col 38}{res}{space 2}-.2416057{col 50}{space 2} .2970762{col 61}{space 1}   -0.81{col 70}{space 3}0.416{col 78}{space 4}-.8249165{col 91}{space 3} .3417051
{txt}{space 32}GEO  {c |}{col 38}{res}{space 2}-.1295583{col 50}{space 2} .3030239{col 61}{space 1}   -0.43{col 70}{space 3}0.669{col 78}{space 4}-.7245475{col 91}{space 3} .4654309
{txt}{space 32}GHA  {c |}{col 38}{res}{space 2}-.1412441{col 50}{space 2} .3037704{col 61}{space 1}   -0.46{col 70}{space 3}0.642{col 78}{space 4} -.737699{col 91}{space 3} .4552108
{txt}{space 32}GMB  {c |}{col 38}{res}{space 2} .7421846{col 50}{space 2} .4659151{col 61}{space 1}    1.59{col 70}{space 3}0.112{col 78}{space 4}-.1726423{col 91}{space 3} 1.657011
{txt}{space 32}GTM  {c |}{col 38}{res}{space 2}-.0629003{col 50}{space 2} .2844253{col 61}{space 1}   -0.22{col 70}{space 3}0.825{col 78}{space 4} -.621371{col 91}{space 3} .4955704
{txt}{space 32}HND  {c |}{col 38}{res}{space 2}-.3332724{col 50}{space 2} .2940942{col 61}{space 1}   -1.13{col 70}{space 3}0.258{col 78}{space 4}-.9107279{col 91}{space 3} .2441832
{txt}{space 32}HRV  {c |}{col 38}{res}{space 2} .0096843{col 50}{space 2} .4154949{col 61}{space 1}    0.02{col 70}{space 3}0.981{col 78}{space 4}-.8061423{col 91}{space 3} .8255108
{txt}{space 32}HTI  {c |}{col 38}{res}{space 2} .7291189{col 50}{space 2} .4516889{col 61}{space 1}    1.61{col 70}{space 3}0.107{col 78}{space 4}-.1577748{col 91}{space 3} 1.616013
{txt}{space 32}IDN  {c |}{col 38}{res}{space 2} .0487491{col 50}{space 2}  .432739{col 61}{space 1}    0.11{col 70}{space 3}0.910{col 78}{space 4}-.8009364{col 91}{space 3} .8984347
{txt}{space 32}IND  {c |}{col 38}{res}{space 2} -.105548{col 50}{space 2} .2694392{col 61}{space 1}   -0.39{col 70}{space 3}0.695{col 78}{space 4}-.6345934{col 91}{space 3} .4234974
{txt}{space 32}JAM  {c |}{col 38}{res}{space 2}-.0125269{col 50}{space 2} .3353661{col 61}{space 1}   -0.04{col 70}{space 3}0.970{col 78}{space 4}-.6710202{col 91}{space 3} .6459664
{txt}{space 32}KEN  {c |}{col 38}{res}{space 2}-.2376573{col 50}{space 2} .3003464{col 61}{space 1}   -0.79{col 70}{space 3}0.429{col 78}{space 4}-.8273891{col 91}{space 3} .3520744
{txt}{space 32}KGZ  {c |}{col 38}{res}{space 2}-.2147228{col 50}{space 2} .2837876{col 61}{space 1}   -0.76{col 70}{space 3}0.450{col 78}{space 4}-.7719413{col 91}{space 3} .3424957
{txt}{space 32}LBR  {c |}{col 38}{res}{space 2}-.0090031{col 50}{space 2}  .329774{col 61}{space 1}   -0.03{col 70}{space 3}0.978{col 78}{space 4}-.6565162{col 91}{space 3} .6385101
{txt}{space 32}LKA  {c |}{col 38}{res}{space 2}-.3747089{col 50}{space 2}  .345403{col 61}{space 1}   -1.08{col 70}{space 3}0.278{col 78}{space 4} -1.05291{col 91}{space 3} .3034919
{txt}{space 32}LSO  {c |}{col 38}{res}{space 2} .0324344{col 50}{space 2} .4249897{col 61}{space 1}    0.08{col 70}{space 3}0.939{col 78}{space 4}-.8020352{col 91}{space 3} .8669041
{txt}{space 32}MDA  {c |}{col 38}{res}{space 2}-.0853963{col 50}{space 2} .2902805{col 61}{space 1}   -0.29{col 70}{space 3}0.769{col 78}{space 4}-.6553638{col 91}{space 3} .4845711
{txt}{space 32}MDG  {c |}{col 38}{res}{space 2}-.1251031{col 50}{space 2} .3246298{col 61}{space 1}   -0.39{col 70}{space 3}0.700{col 78}{space 4}-.7625156{col 91}{space 3} .5123094
{txt}{space 32}MKD  {c |}{col 38}{res}{space 2}-.2088125{col 50}{space 2} .3287131{col 61}{space 1}   -0.64{col 70}{space 3}0.525{col 78}{space 4}-.8542426{col 91}{space 3} .4366176
{txt}{space 32}MNG  {c |}{col 38}{res}{space 2}-.0451168{col 50}{space 2}  .412764{col 61}{space 1}   -0.11{col 70}{space 3}0.913{col 78}{space 4}-.8555812{col 91}{space 3} .7653476
{txt}{space 32}MOZ  {c |}{col 38}{res}{space 2}-.2998292{col 50}{space 2} .3794877{col 61}{space 1}   -0.79{col 70}{space 3}0.430{col 78}{space 4}-1.044955{col 91}{space 3}  .445297
{txt}{space 32}MRT  {c |}{col 38}{res}{space 2}  .506828{col 50}{space 2} .4591729{col 61}{space 1}    1.10{col 70}{space 3}0.270{col 78}{space 4}-.3947606{col 91}{space 3} 1.408417
{txt}{space 32}MUS  {c |}{col 38}{res}{space 2}-.0387971{col 50}{space 2} .3479696{col 61}{space 1}   -0.11{col 70}{space 3}0.911{col 78}{space 4}-.7220374{col 91}{space 3} .6444433
{txt}{space 32}MWI  {c |}{col 38}{res}{space 2}-.3908707{col 50}{space 2} .2948019{col 61}{space 1}   -1.33{col 70}{space 3}0.185{col 78}{space 4}-.9697158{col 91}{space 3} .1879745
{txt}{space 32}MYS  {c |}{col 38}{res}{space 2}-.1270067{col 50}{space 2} .4571923{col 61}{space 1}   -0.28{col 70}{space 3}0.781{col 78}{space 4}-1.024706{col 91}{space 3} .7706929
{txt}{space 32}NAM  {c |}{col 38}{res}{space 2}-.1221747{col 50}{space 2} .3019724{col 61}{space 1}   -0.40{col 70}{space 3}0.686{col 78}{space 4}-.7150992{col 91}{space 3} .4707497
{txt}{space 32}NGA  {c |}{col 38}{res}{space 2}-.1776447{col 50}{space 2} .5023307{col 61}{space 1}   -0.35{col 70}{space 3}0.724{col 78}{space 4}-1.163974{col 91}{space 3} .8086844
{txt}{space 32}NIC  {c |}{col 38}{res}{space 2}-.1333145{col 50}{space 2} .2995167{col 61}{space 1}   -0.45{col 70}{space 3}0.656{col 78}{space 4}-.7214172{col 91}{space 3} .4547882
{txt}{space 32}PAK  {c |}{col 38}{res}{space 2}-.3707246{col 50}{space 2} .5135382{col 61}{space 1}   -0.72{col 70}{space 3}0.471{col 78}{space 4} -1.37906{col 91}{space 3} .6376106
{txt}{space 32}PAN  {c |}{col 38}{res}{space 2}-.1857251{col 50}{space 2} .3331235{col 61}{space 1}   -0.56{col 70}{space 3}0.577{col 78}{space 4} -.839815{col 91}{space 3} .4683648
{txt}{space 32}PHL  {c |}{col 38}{res}{space 2} .0339417{col 50}{space 2} .4177904{col 61}{space 1}    0.08{col 70}{space 3}0.935{col 78}{space 4}-.7863922{col 91}{space 3} .8542755
{txt}{space 32}PNG  {c |}{col 38}{res}{space 2} .0206074{col 50}{space 2} .3360104{col 61}{space 1}    0.06{col 70}{space 3}0.951{col 78}{space 4} -.639151{col 91}{space 3} .6803657
{txt}{space 32}PRY  {c |}{col 38}{res}{space 2} .0365958{col 50}{space 2} .3074886{col 61}{space 1}    0.12{col 70}{space 3}0.905{col 78}{space 4}-.5671598{col 91}{space 3} .6403515
{txt}{space 32}PSE  {c |}{col 38}{res}{space 2}-.2431765{col 50}{space 2} .2678902{col 61}{space 1}   -0.91{col 70}{space 3}0.364{col 78}{space 4}-.7691805{col 91}{space 3} .2828275
{txt}{space 32}ROU  {c |}{col 38}{res}{space 2} .0877687{col 50}{space 2} .4106378{col 61}{space 1}    0.21{col 70}{space 3}0.831{col 78}{space 4} -.718521{col 91}{space 3} .8940584
{txt}{space 32}SGP  {c |}{col 38}{res}{space 2}-.3762284{col 50}{space 2} .2806473{col 61}{space 1}   -1.34{col 70}{space 3}0.181{col 78}{space 4} -.927281{col 91}{space 3} .1748242
{txt}{space 32}SLE  {c |}{col 38}{res}{space 2} .0956052{col 50}{space 2} .3669007{col 61}{space 1}    0.26{col 70}{space 3}0.795{col 78}{space 4}-.6248064{col 91}{space 3} .8160168
{txt}{space 32}SLV  {c |}{col 38}{res}{space 2}-.3597667{col 50}{space 2} .2884162{col 61}{space 1}   -1.25{col 70}{space 3}0.213{col 78}{space 4}-.9260735{col 91}{space 3} .2065402
{txt}{space 32}SRB  {c |}{col 38}{res}{space 2} 1.892273{col 50}{space 2} 1.544208{col 61}{space 1}    1.23{col 70}{space 3}0.221{col 78}{space 4}-1.139787{col 91}{space 3} 4.924333
{txt}{space 32}THA  {c |}{col 38}{res}{space 2} -.551452{col 50}{space 2} .3380987{col 61}{space 1}   -1.63{col 70}{space 3}0.103{col 78}{space 4}-1.215311{col 91}{space 3} .1124068
{txt}{space 32}TLS  {c |}{col 38}{res}{space 2} .3260565{col 50}{space 2} .6105989{col 61}{space 1}    0.53{col 70}{space 3}0.594{col 78}{space 4}-.8728578{col 91}{space 3} 1.524971
{txt}{space 32}TTO  {c |}{col 38}{res}{space 2} .4049416{col 50}{space 2} .3405364{col 61}{space 1}    1.19{col 70}{space 3}0.235{col 78}{space 4}-.2637036{col 91}{space 3} 1.073587
{txt}{space 32}TUN  {c |}{col 38}{res}{space 2} .1838383{col 50}{space 2} .4364823{col 61}{space 1}    0.42{col 70}{space 3}0.674{col 78}{space 4}-.6731972{col 91}{space 3} 1.040874
{txt}{space 32}TZA  {c |}{col 38}{res}{space 2}-.1481881{col 50}{space 2} .3903884{col 61}{space 1}   -0.38{col 70}{space 3}0.704{col 78}{space 4} -.914718{col 91}{space 3} .6183417
{txt}{space 32}UKR  {c |}{col 38}{res}{space 2}-.4036024{col 50}{space 2} .3786526{col 61}{space 1}   -1.07{col 70}{space 3}0.287{col 78}{space 4}-1.147089{col 91}{space 3} .3398842
{txt}{space 32}URY  {c |}{col 38}{res}{space 2} 1.737059{col 50}{space 2} .8248199{col 61}{space 1}    2.11{col 70}{space 3}0.036{col 78}{space 4} .1175207{col 91}{space 3} 3.356598
{txt}{space 32}VEN  {c |}{col 38}{res}{space 2} .6411162{col 50}{space 2} .3337603{col 61}{space 1}    1.92{col 70}{space 3}0.055{col 78}{space 4} -.014224{col 91}{space 3} 1.296456
{txt}{space 32}XKX  {c |}{col 38}{res}{space 2}-.2111597{col 50}{space 2} .3167966{col 61}{space 1}   -0.67{col 70}{space 3}0.505{col 78}{space 4}-.8331916{col 91}{space 3} .4108723
{txt}{space 32}ZAF  {c |}{col 38}{res}{space 2}-.0485807{col 50}{space 2} .2864466{col 61}{space 1}   -0.17{col 70}{space 3}0.865{col 78}{space 4}-.6110203{col 91}{space 3} .5138589
{txt}{space 32}ZMB  {c |}{col 38}{res}{space 2}-.0698258{col 50}{space 2} .3983249{col 61}{space 1}   -0.18{col 70}{space 3}0.861{col 78}{space 4}-.8519389{col 91}{space 3} .7122874
{txt}{space 36} {c |}
{space 32}year {c |}{col 38}{res}{space 2} .0624252{col 50}{space 2} .0473644{col 61}{space 1}    1.32{col 70}{space 3}0.188{col 78}{space 4} -.030575{col 91}{space 3} .1554254
{txt}{space 17}GlobalReserveLevels {c |}{col 38}{res}{space 2} 8.14e-12{col 50}{space 2} 6.83e-12{col 61}{space 1}    1.19{col 70}{space 3}0.234{col 78}{space 4}-5.27e-12{col 91}{space 3} 2.15e-11
{txt}{space 36} {c |}
{space 8}c.year#c.GlobalReserveLevels {c |}{col 38}{res}{space 2}-4.14e-15{col 50}{space 2} 3.42e-15{col 61}{space 1}   -1.21{col 70}{space 3}0.226{col 78}{space 4}-1.08e-14{col 91}{space 3} 2.57e-15
{txt}{space 36} {c |}
{space 31}_cons {c |}{col 38}{res}{space 2} -122.401{col 50}{space 2}   94.722{col 61}{space 1}   -1.29{col 70}{space 3}0.197{col 78}{space 4}-308.3882{col 91}{space 3} 63.58617
{txt}{hline 37}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. margins, dydx(ElectionPeriod) at(US10YrYields_AnnAvg=(1.75(.25)5)) level(95)
{res}
{txt}Average marginal effects{col 49}Number of obs{col 67}= {res}       738
{txt}Model VCE{col 14}: {res}Robust

{txt}{p2colset 1 14 16 2}{...}
{p2col:Expression}:{space 1}{res:Linear prediction, predict()}{p_end}
{p2colreset}{...}
{txt}{p2colset 1 14 16 2}{...}
{p2col:dy/dx w.r.t.}:{space 1}{res:1.ElectionPeriod}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:1._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}1.75}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:2._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 10}2}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:3._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}2.25}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:4._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}2.5}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:5._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}2.75}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:6._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 10}3}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:7._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}3.25}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:8._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}3.5}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:9._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}3.75}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:10._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 10}4}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:11._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}4.25}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:12._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 8}4.5}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:13._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 7}4.75}{p_end}
{p2colreset}{...}

{txt}{p2colset 1 14 16 2}{...}
{p2col:14._at}:{space 1}{res:{txt:US10YrYiel~g}{space 4}{txt:=} {space 10}5}{p_end}
{p2colreset}{...}

{res}{txt}{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31} Delta-method
{col 19}{c |}      dy/dx{col 31}   Std. Err.{col 43}      t{col 51}   P>|t|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}{res}0.ElectionPeriod {col 19}{txt}{c |}  (base outcome)
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}1.ElectionPeriod  {txt}{c |}
{space 14}_at {c |}
{space 15}1  {c |}{col 19}{res}{space 2} .1637281{col 31}{space 2} .1185443{col 42}{space 1}    1.38{col 51}{space 3}0.168{col 59}{space 4}-.0690342{col 72}{space 3} .3964905
{txt}{space 15}2  {c |}{col 19}{res}{space 2} .1368385{col 31}{space 2} .1060546{col 42}{space 1}    1.29{col 51}{space 3}0.197{col 59}{space 4}-.0714003{col 72}{space 3} .3450774
{txt}{space 15}3  {c |}{col 19}{res}{space 2} .1099489{col 31}{space 2} .0947675{col 42}{space 1}    1.16{col 51}{space 3}0.246{col 59}{space 4}-.0761276{col 72}{space 3} .2960254
{txt}{space 15}4  {c |}{col 19}{res}{space 2} .0830593{col 31}{space 2} .0851625{col 42}{space 1}    0.98{col 51}{space 3}0.330{col 59}{space 4}-.0841578{col 72}{space 3} .2502764
{txt}{space 15}5  {c |}{col 19}{res}{space 2} .0561697{col 31}{space 2} .0778645{col 42}{space 1}    0.72{col 51}{space 3}0.471{col 59}{space 4}-.0967178{col 72}{space 3} .2090572
{txt}{space 15}6  {c |}{col 19}{res}{space 2} .0292801{col 31}{space 2} .0735635{col 42}{space 1}    0.40{col 51}{space 3}0.691{col 59}{space 4}-.1151623{col 72}{space 3} .1737225
{txt}{space 15}7  {c |}{col 19}{res}{space 2} .0023905{col 31}{space 2} .0727926{col 42}{space 1}    0.03{col 51}{space 3}0.974{col 59}{space 4}-.1405381{col 72}{space 3} .1453192
{txt}{space 15}8  {c |}{col 19}{res}{space 2}-.0244991{col 31}{space 2} .0756607{col 42}{space 1}   -0.32{col 51}{space 3}0.746{col 59}{space 4}-.1730592{col 72}{space 3} .1240611
{txt}{space 15}9  {c |}{col 19}{res}{space 2}-.0513887{col 31}{space 2} .0817832{col 42}{space 1}   -0.63{col 51}{space 3}0.530{col 59}{space 4}-.2119704{col 72}{space 3} .1091931
{txt}{space 14}10  {c |}{col 19}{res}{space 2}-.0782782{col 31}{space 2} .0905045{col 42}{space 1}   -0.86{col 51}{space 3}0.387{col 59}{space 4}-.2559844{col 72}{space 3} .0994279
{txt}{space 14}11  {c |}{col 19}{res}{space 2}-.1051678{col 31}{space 2} .1011538{col 42}{space 1}   -1.04{col 51}{space 3}0.299{col 59}{space 4} -.303784{col 72}{space 3} .0934483
{txt}{space 14}12  {c |}{col 19}{res}{space 2}-.1320574{col 31}{space 2} .1131884{col 42}{space 1}   -1.17{col 51}{space 3}0.244{col 59}{space 4}-.3543034{col 72}{space 3} .0901886
{txt}{space 14}13  {c |}{col 19}{res}{space 2} -.158947{col 31}{space 2} .1262124{col 42}{space 1}   -1.26{col 51}{space 3}0.208{col 59}{space 4}-.4067658{col 72}{space 3} .0888718
{txt}{space 14}14  {c |}{col 19}{res}{space 2}-.1858366{col 31}{space 2}   .13995{col 42}{space 1}   -1.33{col 51}{space 3}0.185{col 59}{space 4}-.4606293{col 72}{space 3} .0889561
{txt}{hline 18}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{p 0 6 0 83}Note: dy/dx for factor levels is the discrete change from the base level.{txt}{p_end}
{res}{txt}
{com}. marginsplot, noseparator yline(0, lc(black) lpattern(solid)) xscale(lstyle(none)) xlabel( 2(1)5,notick) recast(line) plot1opts(lpattern(dot)) recastci(rarea) ciopt(color(black%20)) ///
> title("", size (mediumsmall)) subtitle("Reserves are Low", size (small)) ///
> note("95% confidence intervals", size(small)) ///
> ytitle("Change in Reserves") xtitle("USRates")  name(lo, replace)
{res}
{text}{p 2 6 2}Variables that uniquely identify margins: US10YrYields_AnnAvg{p_end}
{p 0 4 2}
{txt}(note:  named style
mediumsmall not found in class
gsize,  default attributes used)
{p_end}
{res}{txt}
{com}. 
. 
. graph combine hi lo, ycommon title("Figure 9: Predicted Effect of Election Periods", size (mediumsmall))
{p 0 4 2}
{txt}(note:  named style
mediumsmall not found in class
gsize,  default attributes used)
{p_end}
{p 0 4 2}
{txt}(note:  named style
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gsize,  default attributes used)
{p_end}
{p 0 4 2}
{txt}(note:  named style
mediumsmall not found in class
gsize,  default attributes used)
{p_end}
{res}{txt}
{com}.  
. 
{txt}end of do-file

{com}. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}/Users/ben/Dropbox/Reserves/Manuscript/ISQ/Revision/_Acceptance/Replication/MainReplicationLog.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res} 8 May 2025, 13:29:25
{txt}{.-}
{smcl}
{txt}{sf}{ul off}